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TOPIC: oligarchs

In The News

Global Banks Slump, Aukus Deal, Vinyls Outsell CDs

👋 אַ גוטן טאָג*

Welcome to Tuesday, where bank stocks slump around the world following the Silicon Valley Bank debacle, the U.S., UK and Australia agree on creating a new fleet of nuclear powered submarines, and the vinyl world keeps spinning. Meanwhile, Flora Toelo Karambiri for news website Burkina 24 follows the rafistoleurs crisscrossing the streets of Ouagadougou, ready to sew and mend anything.

[*A gutn tog - Yiddish]

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How Crimea Was Carved Up And Sold At Auction To Putin's Oligarch Pals

After the annexation of Crimea, the peninsula's prized resources were identified and distributed among Russian oligarchs with connections to the Russian President, handing out everything from wine vineyards to hockey clubs to steelworks.

After Russia's annexation of Crimea in 2014, Russia didn't just add land and people to its population. It also paved the way for oligarchs to dismantle the peninsula's state and private enterprises.

Russian independent news Vazhnyye Istorii (Important Stories) has conducted an in-depth investigation into the identities of Vladimir Putin’s friends who now own virtually the entire peninsula.

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Nationalization began in Crimea immediately after the annexation. Ukrainian state property became Russian, or rather Crimean, according to a resolution entitled “On the issues of managing the property of the Republic of Crimea.”

The list of what was taken over was long, and it is still growing. It includes thousands of businesses, apartments and land plots. The actual owners received no compensation, and any attempts to file lawsuits in Russia were in vain.

"In Crimea, the courts did not accept a single document on the right of ownership from people,” says Crimean lawyer Zhan Zapruta. “The law was placed in a compromised position, and they [the Russians] did with it what they wanted.”

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Annexation Referendums Start In Occupied Ukraine, Forced Voting Reported

Russia's proxies in Donetsk, Luhansk, Kherson, and Zaporizhzhia regions announced that referendums on joining Russia had begun that Ukrainian and Western officials have denounced as shams.

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For four days, "voting" will be held at people's homes "for security reasons," Russian state-controlled news agency RIA Novosti wrote. On the last day of the "referendums," on September 27, locals will be asked to go to "polling stations."

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Fight Over Tourist Visa Ban For Russians Is Taking Everyone For A Ride

High on the agenda of the Prague summit of Europe’s foreign ministers this week was a proposal to ban tourist visas for Russians, as punishment for Putin’s invasion of Ukraine. But it is ultimately a way to change the subject, and recalls Zelensky’s iconic remark after the war began.

It’s not a new question. Ukrainian President Volodymyr Zelensky had called for a ban on tourist visa for Russian soon after the war began, and this week it became the center of the Prague summit of European Union foreign ministers.

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Some European Union nations voiced their support soon after it was mentioned by Zelensky, including former Soviet republics and current Russia neighbors, Estonia, Latvia, and Lithuania. They were followed by Finland and the Czech Republic, Denmark, and Poland. Hungary, Portugal, Greece and Cyprus. Germany and France are looking for a compromise that would allow for visas for students, workers of culture and science, as well as people who need entry for humanitarian reason. Perhaps most importantly, however, the U.S. took an unambiguous position against the restrictions.

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Ukraine
Anna Akage

The Enemy Within: Why Zelensky Must Take On Ukraine's Oligarchs To Defeat Russia

Ukraine has long had an issue with oligarchs standing in the way of progress, and they have almost always been linked to the Kremlin. Now in the context of the war with Russia, President Zelensky has no choice but to tackle this problem.

When Volodymyr Zelensky was first elected president, he had two defining challenges, one from home and one from abroad: Russia’s continued aggression; taking on Ukraine’s oligarchs.

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Back then, it may have seemed like the domestic challenge was the more imposing of the two, with the deep-seated corruption and grip on power of his country’s own lineup of cynical multi-millionaires and billionaires. That all changed with Russia’s all-out invasion, and Zelensky has risen to the challenge of a war leader of historic proportions.

Yet over the past few weeks, accelerated by the close-up scrutiny of Ukraine’s candidacy for EU membership, it seems that the dual challenges of Russian aggression and domestic corruption are ultimately bound together.

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FOCUS: Russia-Ukraine War
Hannelore Crolly

Baden-Baden Postcard: Haven For Wealthy Russians Reduced To Tourist Ghost Town

For 200 years, the Black Forest spa town of Baden-Baden has been the destination of choice for Russian tourists, with oligarchs shopping in the luxury boutiques and buying up swathes of property. Now Putin’s invasion of Ukraine has changed all that and the town's once-bustling streets are empty.

BADEN-BADEN — Some idiot hung a bag of cartridges on the door of the hotel, receptionist Juri tells us. He says it happened one night towards the end of February, shortly after Russia invaded Ukraine. “It had live ammunition in it,” he adds, shaking his head as though he can hardly believe it.

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The perpetrator must have had insider knowledge of the hotel world because who else would know that a nondescript three-star hotel in the center of Baden-Baden, a popular tourist destination in southwest Germany, was owned by a Russian family? That is why Juri does not want us to use his full name here or that of the hotel.

When Russia invaded Ukraine five months ago, the “most Russian town in Germany” felt the impact straightaway. The spa took down its Russian flag, and the town hall started flying a Ukrainian one.

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Economy
Christoph B. Schiltz

Europe's "Freeze And Seize" Hits Russian Oligarchs For 12.5 Billion

According to the EU Commission, the amount of confiscated Russian assets has doubled since April, German daily Die Welt reveals, including yachts, real estate, artwork and more.

BRUSSELS — The European Union has made significant progress in sanctioning Russian oligarchs, nearly doubling the seizure and freezing of assets in the last month alone. So far, more than 12.5 billion euros worth of luxury yachts, helicopters, paintings, real estate property and other assets have been seized or frozen from people on sanctions lists for supporting Putin's war of aggression, a top EU official has told Die Welt.

The European Union has collected half of this amount since April alone. "The amount of frozen assets of Russian oligarchs has almost doubled from 6.7 billion euros in April to currently just over 12.5 billion euros," the European Commission spokesman for justice Christian Wiegand confirmed.

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Ideas
Nolan Higdon

Elon Musk Wants Twitter For The Big Data, Not The Free Speech

Oligarchs of the ‘Second Gilded Age’ in the like of Elon Musk are already able to influence the public's minds through media ownership. But getting a hand on Twitter means having access to its users' data and exploiting it for financial purposes.

During the Gilded Age of the late 19th century, and the early decades of the 20th century, U.S. captains of industry such as William Randolph Hearst and Jay Gould used their massive wealth to dominate facets of the economy, including the news media. They were, in many ways, prototype oligarchs — by the dictionary definition, “very rich business leaders with a great deal of political influence.”

Some have argued that the U.S. is in the midst of a Second Gilded Age defined — like the first — by vast wealth inequality, hyper-partisanship, xenophobia and a new crop of oligarchs using their vast wealth to purchase media and political influence.

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In The News

Le Weekend ➡️ Should Ukrainian Refugee Kids Have Separate Classrooms?

April 2-3

  • That Russian casualty of war
  • France hunting oligarchs
  • A skateboarding bulldog
  • … and much more.
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Economy
Isabelle Couet, Gwénaëlle Barzic, Vincent-Xavier Morvan

Inside The French Hunt For Russian Oligarchs And Their Riches

Chalets in Courchevel, villas on the Cap d'Antibes peninsula, yachts and valuable paintings are in the sights of the Ministry of Economy’s task force. But in this game of cat and mouse through a maze of offshore companies, nominees and trusts, oligarchs are often one step ahead.

PARIS — “An exceptional stay in the mountains,” promises the Grand Coeur et Spa chalet, a 4-star Relais & Châteaux located at the bottom of the ski slopes in Méribel, in southeastern France. Its particularity: It is owned by the company Sogeco whose main shareholder is Elena Timchenko, wife of Gennady Timchenko. The billionaire is considered a close friend of Russian President Vladimir Putin and as such, is registered on the European, American and British lists of frozen assets.

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“Gennady Timchenko is a long-time acquaintance of the President of the Russian Federation Vladimir Putin and is broadly described as one of his confidants,” the European text says.

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Economy
Cameron Manley

Elite Exodus: Russians Escaping The War, And Its Consequences

Estimates are that more than 200,000 people have already crossed Russian borders since Vladimir Putin launched the invasion of Ukraine. It looks to be the start of a mass exodus of well-to-do and middle class Russians that could further decimate the economy.

ST. PETERSBURG — Lining up to board the 6:30 a.m. bus from St. Petersburg to Helsinki, all his future packed in a single suitcase, a young Russian explains why he’s chosen to leave his native land, using a brutal movie metaphor: “Someone in this country has put a contract out on my life.”

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The hitman in this plot is, of course, Vladimir Putin: Since the Russian President launched his invasion of Ukraine, a growing number of citizens back home have been grappling with the decision to stay or go.

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Economy
Vincent-Xavier Morvan

Oligarchs Au Revoir: Russia's War Drifts On To The French Riviera

The likely defection of Russian tourists this summer is clouding the prospects of tourism professionals in the South of France, whose activity is still recovering from the pandemic. An emblematic snapshot of the after-effects of Putin's invasion of Ukraine.

NICE — “Barring a world war, the summer is looking pretty good. We already have a lot of reservations from Americans and Canadians...”

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Michel Tschann, owner of the Splendid Hotel in Nice and honorary president of the French Riviera hoteliers’ union, is trying to make the best of a bad situation. The outbreak of the war in Ukraine is likely to darken the skies for the local professionals, whose business was just starting up again after successive COVID-19 shutdowns.

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