Russian tycoons stash much of their wealth in offshore shelters, exploiting loopholes in Western tax policies.
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Russian President Vladimir Putin shakes hands with billionaire Alisher Usmanov during an awards ceremony at the KremlinAs Russia invades Ukraine, the West has imposed sanctions on the country's wealthy elite.Insider spoke to experts about the possibility of the West enabling Russia's oligarchy.
"We are coming for your ill-begotten gains," President Joe Biden said during his State of the Union address last month, announcing a task force focused on the crimes of Russian oligarchs. Some argue that the West turned a blind eye as billionaires took advantage of loopholes.of state-owned industries, often in a corrupt manner that allowed politically connected players to quickly gain wealth and power.
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