Financial Transparency Coalition

A year ago, Russia’s invasion of Ukraine was seen as a historic opportunity to uncover hidden assets from Russian oligarch and other sanctioned entities and individuals.

The Financial Transparency Coalition (FTC) and the Independent Commission for the Reform of International Corporate Taxation (ICRICT) held a virtual event on Wednesday, 22 February 2023.

During the last decade, Russia has expanded its interests and presence in Africa by investing in the mining sector and increasing military support to fragile states, primarily through private military contractors and mercenaries.

I’ve noted before that sanctions, while certainly well-intentioned, are often meaningless in practice. In large part, this occurs because of many of the opacity issues in the international financial system. As a result of these flaws, whether intentionally or not, sanctions are often (although not always) purely symbolic. So in the case of Russia, which is now on the receiving end of the so-called “toughest sanctions since the Cold War,” are financial sanctions symbolic or substantive? Given the current dynamics in Russia and abroad, are they likely to work? If you’ve been reading the news at all,...