5 ms·

Would a smart and well-connected Russian keep their savings as a Ruble deposit in a russian bank? It’s too late now, but I’d like to imagine that some individua

by marvin 5y ago

Would a smart and well-connected Russian keep their savings as a Ruble deposit in a russian bank? It’s too late now, but I’d like to imagine that some individuals kept their stock market savings with international broners.

miohtama 5y ago
That's why a lot of sanctions go against oligarchs in a person. It is more discriminate and does not matter what kind of property they have. For example, oligarchs Italian villas https://www.icij.org/investigations/pandora-papers/uk-targets-three-oligarchs-and-five-russian-banks-in-first-tranche-of-new-sanctions/ https://www.icij.org/investigations/pandora-papers/uk-target... The rationale is that you cannot do both support a dictator and plunder your own people, and then enjoy the benefits of European lifestyle without European rule of law based justice.
- posix_me_less 5y ago
  > rule of law based justice What other kinds of justice are there? In Russia they do not have law based justice?
  - imajoredinecon 5y ago
    "(Rule of law)-based justice" not "rule of (law-based) justice" I agree it's a tad hard to parse https://en.m.wikipedia.org/wiki/Rule_of_law https://en.m.wikipedia.org/wiki/Rule_of_law
  - miohtama 5y ago
    They have Putin’s justice. Disagree with Putin and you go to jail.
    - deleted 5y ago
      [deleted]
  - marvin 5y ago
    Rule of law is the name of the principles that make sure everyone gets fair, just and equal treatment.
rob74 5y ago
A businessperson probably not, but let's say, a software developer with a relatively good salary? Not sure if they would have any other options than Russian banks (or banks that would be affected by such a confiscation, even if they're not based in Russia)...
- Klaster_1 5y ago
  There's always an option to invest the money using foreign brokers like Interactive Brokers (they even have russian UI and support) who did not boot russians previously. Or buy a property and rent it, which is a popular option too. Or cash out the foreign currency and keep it under the mattress.
  - lostmsu 5y ago
    AFAIK, Interactive Brokers told all Russia-based accounts to move after sanctions were announced.

by marvin 5y ago

miohtama 5y ago

That's why a lot of sanctions go against oligarchs in a person. It is more discriminate and does not matter what kind of property they have. For example, oligarchs Italian villas https://www.icij.org/investigations/pandora-papers/uk-targets-three-oligarchs-and-five-russian-banks-in-first-tranche-of-new-sanctions/ https://www.icij.org/investigations/pandora-papers/uk-target... The rationale is that you cannot do both support a dictator and plunder your own people, and then enjoy the benefits of European lifestyle without European rule of law based justice.

posix_me_less 5y ago
> rule of law based justice What other kinds of justice are there? In Russia they do not have law based justice?
- imajoredinecon 5y ago
  "(Rule of law)-based justice" not "rule of (law-based) justice" I agree it's a tad hard to parse https://en.m.wikipedia.org/wiki/Rule_of_law https://en.m.wikipedia.org/wiki/Rule_of_law
- miohtama 5y ago
  They have Putin’s justice. Disagree with Putin and you go to jail.
  - deleted 5y ago
    [deleted]
- marvin 5y ago
  Rule of law is the name of the principles that make sure everyone gets fair, just and equal treatment.

rob74 5y ago

A businessperson probably not, but let's say, a software developer with a relatively good salary? Not sure if they would have any other options than Russian banks (or banks that would be affected by such a confiscation, even if they're not based in Russia)...

Klaster_1 5y ago
There's always an option to invest the money using foreign brokers like Interactive Brokers (they even have russian UI and support) who did not boot russians previously. Or buy a property and rent it, which is a popular option too. Or cash out the foreign currency and keep it under the mattress.
- lostmsu 5y ago
  AFAIK, Interactive Brokers told all Russia-based accounts to move after sanctions were announced.