To crank up pressure on Putin, Western powers target Russian oligarchs — and their superyachts

Rough seas for Putin’s pals… First, Western governments went after Russia’s banks — now they’re targeting its oligarchs. Refresher: oligarchs are wealthy individuals with outsized influence over government. Post-Soviet oligarchs have amassed staggering fortunes during the privatization of Russia’s economy by doing favors for politicians like President Putin. By going after oligarchs, Western countries hope to pressure Putin to end the war in Ukraine:

• Seize and freeze: President Biden launched “Task Force KleptoCapture” (real name) to confiscate Russian oligarchs’ yachts, jets, and pricey pads. European authorities have already seized some big boats, like the 280-foot Amore Vero owned by a Putin confidant.
• Cut and run: Some oligarchs are sailing for safer harbors, but even formerly friendly destinations like Monaco have adopted sanctions. Others are trying to sell: Roman Abramovich put Chelsea FC up for sale. FYI: He’s one of a handful of oligarchs who’ve broken rank by publicly criticizing the war.

Yacht-onomics… Putin has spent years sanction-proofing Russia for this day. Moscow stockpiled currency, bought Chinese bonds, and ditched Western trade partners to fortify Russia’s economy. Oligarchs did their part: experts say Putin and his cronies have personally stashed at least $250B of dark money outside Russia. But their laundered loot is hidden in plain sight: $1B+ yachts and Manhattan penthouses aren’t exactly subtle.