W5: The mind-boggling wealth and privilege of Russian oligarchs

Welcome back, you can spend in seconds what would take most of us a lifetime to earn. Russian

oligarchs

have

mind

-blowing

wealth

, but are now global economic pariahs who risk losing their fortunes in the West and if they speak about their lives to the Kremlin. It is the life of the super rich, not the millionaires or even the billionaires, but the dozens of billionaires, they are not the one percent, they are the 0.1 percent, forget the private planes, they have private air buses, no They have yachts, they have superyachts with helicopter landing pads and houses, how about a nearly $250 million palatial estate with the future king of England as a neighbor?

This is rich Russian oligarch level, it's simply stunning. It's not a world I can imagine, the private jets, the amazing restaurants. the amount of money that is spent on things like clothes and stuff is not a world that you and I can even remotely imagine being a part of jodi vittori is a former lieutenant colonel in the US air force, she specializes in terrorist financing and served on the NATO desk. -anti-corruption task force and is now a professor at Georgetown University in Washington DC, her area of ​​expertise in corruption and illicit finance, the term filthy rich has never seemed more appropriate to me, I can't even understand the amount of money in the What are we talking about. about what these people have we're talking about billions of dollars we're talking about incredible real estate in you know a place to stay when you're in manhattan a place to stay when you're in london a place to stay when you're in dubai and what better place to show off your

wealth

than Instagram.

This rich Russian kids account with more than 1.5 million followers offers a disturbing vision of wealth and waste. It is surprising how often we find

oligarchs

and children and the relatives of the oligarchs jet skiing in Dubai or their shopping trip to Paris and they post the photographs everywhere they can be geolocated and identified and we can show that you know that shopping trip It was much more than dad's. income for 10 years and clearly there is another source of income somewhere if there is a poster boy for the

russian

oligarch club it is this man roman abramovich was once worth 29 billion with ab dollars the loot of his riches has included the chelsea football team one of the largest superyachts in the world valued at more than half a billion dollars a boeing dreamliner and a fleet of high-end cars abramovic has business in canada and also oleg daraposka a billionaire who made his money from aluminum he owns megayachts and High-end real estate in the United States, United Kingdom and Europe and then there is billionaire Alisher Uzmanov known as one of Vladimir Putin's favorite oligarchs.

He has amassed a treasure trove of toys, including this super yacht, personal airbus and this extravagant house in London. The top 10 Russian oligarchs are estimated to have a net worth of a staggering $232 billion, but what is an oligarch anyway? The definition of oligarch is actually a very old term that actually dates back to the ancient Greek philosopher Aristotle and it really means rule by a few who make me sure they can become filthy rich by being in charge of the government. How were these oligarchs formed? How did they obtain this almost unfathomable amount of wealth? They originally gained most of their wealth when the Soviet Union fell just a few years after the fall. of the soviet union in 1991 russia's crown jewels, once managed by the state, were handed out like candy to a small group of men as the economy fell there was a mass privatization of many of russia's rich assets in natural resources oil natural gas and so these industries were often privatized very, very quickly with very poor levels of rule of law, sometimes for pennies on the dollar, it is extraordinary that while the world was hailing the fall of the ussr, there was The perception that democracy was going to rain really became fertile ground. pro-privatization and essentially a president who handed out, you know, industries like construction, you take natural resources as if they were, you know, pennies and not billions, it's true, and that's how a kleptocracy works when we talk of government of thieves, most of these in boys.

These are mostly guys who didn't get rich because they invented a better light bulb or something, got these sweet deals handed to them for pennies on the dollar, often without competitors, and then were able to sell those properties in exchange for providing them. services that Putin needs - different oligarchs will provide different services to the Putin regime, so the system does not work unless both sides are there, that Putin can provide that impunity and that wealth and then in return different oligarchs can provide different services when called there is almost this social contract between putin and the oligarchs i will let you get away with it but you owe me one and if you turn your back on me there will absolutely be a price to pay and a number of The oligarchs have discovered that the price to pay could be because you have turned against Putin, it could simply be that that day you are out of favor for some reason and suddenly your wealth runs out, you may find yourself in jail, you may find yourself dead, it is a very unstable to be part of this internal regime, but the benefits are so high that a number of individuals from this 0.01 percent of Russia have agreed to make such an exchange.

Fear of having their wealth taken away by a volatile Putin is why so many oligarchs have moved their billions out of the country, yachts, planes, real estate are also easy ways to launder billions and true identities are often hidden. through shell companies. Real estate is an exceptionally good way to launder large amounts of money. You'll see these amazing buildings with amazing views but there are almost no lights on because they only live there a few weeks a year or they don't actually live there at all. It's all part of a major money laundering scheme. What I don't understand is if you're in business. to launder their dirty money, why show it so much with these ridiculous mansions, these palaces, these yachts, these private planes?

Is there any part of an oligarch that is discreet? If they are, we probably don't know because it's part of the ostentation that makes them oligarchs, they are the bulk of their billions, it's not even in Russia, how complicit the West is in allowing dirty money to fuel economies. locals, unfortunately, the West is exceptionally responsible for how this wealth got there, that is, 60 of The wealth of Russia's oligarchs did not appear accidentally in the West, but got there on purpose, to the United Kingdom with its famous graduate in London , which is why it is so easy to hide illicit wealth in London, but also in the United States and in aspects of Germany. aspects of the united arab emirates many states have made it exceptionally easy for any kind of illicit money or bad people to hide their money in their countries, but not all of russia's wealth has been taken out of the country president putin has kept a stash very big, all for him, this video is from a Russian anti-corruption organization that claims to have uncovered Putin's billion-dollar secret palace nearing completion facing the Black Sea, from the elaborate pool and balcony theater to the hookah lounge complete with a stripper pole.

Each room is adorned with a classic Russian symbol of a double-headed eagle. The anti-corruption foundation known as FBK was created by Russian opposition leader Alexei Navalny. He was poisoned twice and is currently imprisoned in Russia for attempting to expose corruption within the Vladimir Kremlin. Azurkov is the director of the London-based Navalny Foundation. His investigations have revealed a large number of photographs of Putin's secret palace. How did he get those photographs? some of the video we shot with drones some of it was used according to schematics we received from a whistleblower, that's how we collected the data and anyone who watches our videos can really imagine this billion dollar palace in the south of Russia.

It's not just Putin's palace. The fbk has also identified what it says is one of Putin's very expensive toys. Tell me about this. recent research and putin's yacht. Well, I identified this yacht that is valued at over half a billion dollars, so you can imagine the size of it that is moored in Italy. We believe this yacht has been used and built for President Vladimir Putin. We know the kind of revenge Putin can have against those he considers traitors. It is extraordinary that people are providing information, reporting wrongdoing, given the penalty they could face. In fact, it is a dangerous job.

We understand that Russian security services can probably conduct operations anywhere in the world. and we need look no further than Alexi Navalny himself, who was poisoned and then illegally imprisoned after his return to Russia, so our investigation team takes reasonable precautions but continues with his life. Do people in Russia see this and what is their reaction? the fact that so few have so much the average salary in Russia is about 500 per month and at the same time Russia has produced dozens of billionaires more than other countries with similar economic development, so of course people are not happy with inequality when there is conspicuous consumption on behalf of some of the most important businessmen, yet yachts, planes, mansions, we have been advocating personal sanctions for years, if the West had been more belligerent against assertiveness and Putin's sanctions, we could have avoided this catastrophe of Russia's brutal aggression against Ukraine, which we started a little over a month ago by punishing the oligarchs.

We will impose tougher penalties when W5 continues. These are the loot of the super rich. Now the super sanctioned Russian oligarchs seized mega yachts in France, Italy, Spain and most recently in Canary Wharf in London. Off the coast of Turkey, this David and Goliath scene unfolded when members of the Ukrainian youth sailing team blocked the passage of this superyacht owned by Roman Abramovich. I say to the Russian oligarchs and corrupt leaders who built billions of dollars from this violent regime. No more, we're coming for you ill-conceived profits American President Joe Biden announces sanctions against Russian oligarchs in step with countries around the world, including Canada, today in light of Russia's reckless and dangerous military attack, we are imposing tougher sanctions , but it is like this.

Not only governments that freeze and confiscate ordinary citizens are also getting in on the action. Squatters broke into this mansion in London unfurling a Ukrainian flag and a banner. This property has been released. The house is allegedly linked to billionaire Oleg Deripaska. They videotaped them as they wandered around the seven-bedroom home worth an estimated $66 million. Much of Vladimir Putin's wealth, which is estimated between 200 and 250 billion dollars. Much of this money is in the hands of oligarchs and hidden abroad, in countries like Canada. united states the united kingdom to help putin maintain that wealth russia expert marcus colga is at the mcdonald laurier institute in ottawa was instrumental in passing canadian legislation in 2017 that allows this country to sanction oligarchs es Canada a country that is a safe haven for the dirty money of these oligarchs well, there are several countries that are a safe haven for that money and many of them are abroad.

Cyprus is a well-known safe haven for that money. The United Kingdom. London. Much of the real estate there. is a safe haven for oligarchs' money, Canada unfortunately is also a destination for Russian oligarchs' money. There are at least three or four well-known Russian oligarchs who have several billion dollars hidden in this country and we know it is on display here. what we know about oligarch money in canada Russia's most famous and infamous oligarch, Roman Abramovich, is the largest shareholder in Evra's Plc, owner of the largest steel company in Western Canada. He owns 28 of that company. That same company has five plants in Western Canada.

They were bought around 2004-2005 for over 2 billion and that is an important name to have on our sanctions list because Roman Abramovich is also being identified as very close to Vladimir Putin. Then there's Oleg Derapaska, the aluminum oligarch who made headlines in Toronto with this report that he owns a minority stake in a company that made nearly a billion dollars in construction deals related to building subway tunnels and a water treatment project in Toronto and there is more an agricultural companywhich deals in Bueller Industries tractors which is owned by a large Russian company, Rostelmash, and there is a Russian oligarch who bought in the Alberta oil patch a former Russian senator named Vitaly Malkin who made much of his wealth dealing in diamonds and weapons in Africa and that, in fact, he had hundreds of millions of dollars in real estate assets right here in Toronto.

Do you think Russian oligarchs have money in this country that is not being sanctioned by Canada? It is entirely possible because we know that the main oligarchs have assets in this country. I'm sure there are several other oligarchs who have assets in this country, but I just don't know how difficult it is to track down if a Russian oligarch is behind a shell company that is involved in business in Canada. Extremely difficult. It would take leaked documents and some very sophisticated financial tracking methods to find him. that, but for a government that hasn't dedicated the resources to doing that or for law enforcement that doesn't have the resources to do that, it's going to be very difficult to track those assets while thethe world goes after those

russian

assets president putin has some words harsh for the Russians who have not supported their regime enough I do not judge at all those who have a villa in Miami or on the French Riviera who cannot do without foie gras oysters or the so-called gender freedoms those people are willing to sell to his own mother the Russian people will be able to distinguish the true patriots from the scum and the merchants the fact that he goes on television to tell them listen, stay in line with me or else there will be problems every time new news is announced sanctions, whether they are the United States or Canada.

Vladimir Putin appears in the media and becomes furious. Such an allergic reaction to sanctions is a demonstration of how effective they really are. It's a bill designed to force change. the policy of apartheid in South Africa, when we look back in history and look at apartheid in South Africa and the global community imposing sanctions on that country and ending apartheid, do you see a parallel with what is happening now with Russia, the sanctions they absolutely worked in the In the case of apartheid, we can achieve that change to some extent. I believe that with the current conflict in Ukraine, if we have the courage, we will find the courage to expand sanctions.

Let's listen to the Russian activists who constantly tell us that we need to expand sanctions. when you say sanctions need to be strengthened, there needs to be more, what needs to be done next, we need to cut off all oil, all oil and gas, we need to help our European allies, that means Canada will supply gas Canadian to our European allies. friends to make sure that they have a reliable and safe source of that gas so that they can disconnect from Russia and the reason why this is important is because Russia itself 50 of its income depends on the sale of oil and gas 50 50 so Vladimir Putin is really depending on this as a source of income while we are here, sitting in your house, talking about sanctions against Russia.

I'm right in front of someone who was sanctioned by Russia, how the hell did they sanction you? On the part of Russia, this is the type of intimidation that Vladimir Putin carries out to try to silence his critics. I have been working to promote and promote sanctions against Russia and all other human rights violators in the world for the last 10 years. Marcus Colga was in Ottawa. watching ukrainian president vladimir zelinski address parliament earlier this year together we will win and be victorious glory to ukraine thanks to canada after that speech i went to have coffee with the ambassador of lithuania he was taking a call i was looking on twitter and at journalist justin ling had tweeted that the russian government had published this list of people included on its sanctions list and had identified me and when you saw that tweet that said your name had been included along with others as a target for putin, what happens your

mind

when Vladimir Putin names you on a list like that.

You will always be a little nervous. I am concerned, obviously, for the safety of my family. I don't think anything serious will happen. But there is always that small kernel of concern that arises when you criticize Vladimir Putin. Currently, Canadian law only allows oligarchs' funds to be frozen, but there is a new bill going through the legislature that would give powers to Leverage That Money