Sanction the oligarchs, not the people

“This is one of the main contradictions of our time. The confrontation between democracies and autocracies is overplayed, forgetting that Western countries share with Russia and China an unbridled hyper-capitalist ideology and a legal, fiscal and political system that is increasingly favourable to large fortunes. In Europe and the United States, everything is done to distinguish useful and deserving Western entrepreneurs from harmful and parasitic Russian, Chinese, Indian or African oligarchs. But the truth is that they have much in common.” Thomas Piketty explains why effective sanctions against Russian oligarchs would require the establishment of a truly global financial registry.

www.lemonde.fr

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