Russia strikes a hard bargain with its invasion of Ukraine. Western sanctions could prove more devastating for its economy and political elite than it probably expects. An article by Spencer Woodman and published by the International Consortium of Investigative Journalists (ICIJ) looks at the secret finances of Russian oligarchs. Here is an excerpt:

As tensions continue to rise around the threat of a Russian invasion of Ukraine, authorities in the U.S. and the U.K. are looking to hit figures close to Russian President Vladimir Putin where it might hurt: in Western safe havens where they keep and spend their money.

Late last month, U.S. and U.K. officials said they were preparing economic sanctions for possible use against both sectors of the Russian economy as well as wealthy Russian individuals with close connections to Russian President Vladimir Putin and senior Russian government officials. The measures could include family members of the potentially targeted people.

“Sanctions would cut them off from the international financial system and ensure that they and their family members will no longer be able to enjoy the perks of parking their money in the West and attending elite Western universities,” a senior U.S. official told Reuters late last month.

Find the full article here.