Varney: The era of the oligarchs is over
Russia's invasion of Ukraine prompts Western leaders to target oligarchs
FOX Business host Stuart Varney argues Russian President Vladimir Putin's 'cronies are under attack, and they are losing control of their assets.'
"Varney & Co." host Stuart Varney discusses the "attack" on President Vladimir Putin’s "fabulously wealthy, multi-millionaire" cronies as Western leaders strip Russian oligarchs of their assets, marking the end of an era during his "My Take" Thursday.
STUART VARNEY: Looks like the end of the oligarch era.
The fabulously wealthy, multi-millionaire Putin cronies are under attack, and they are losing control of their assets.
They acquired their money when the Soviet Union broke up.
The oligarchs used generous loans from Russian and Western banks to buy control of Russia’s energy industry.
They had close ties to the Kremlin.
Putin let them keep the money, so long as they supported him.
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Now, outraged by the Ukraine invasion, everybody is going after the money. Swiss banks, abandoning neutrality, have frozen $11 billion worth of Russian assets. The oligarchs can’t touch the money.
The mayor of London wants to seize the $1.5 billion worth of luxury real estate they hold there.
The prime minister wants to withdraw the oligarch’s visas, so they can’t travel.
He’s trying to bottle up their money before they can shift it elsewhere. Boris says ‘there will be nowhere to hide your ill-gotten gains."’
Look what happened to Roman Abramovich. For nearly 20 years, he has owned the Chelsea Football Club. One of Europe’s best. He’s an oligarch, and he’s been forced to sell the club. He’s giving the proceeds to benefit war victims!
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Going after these mega-wealth Russians has two objectives: First, it is serious and very public punishment of Putin’s cronies.
They made their money as friends of Vlad. Well, now they’re losing it because they are friends of Vlad.
Second, maybe they will re-think their support of Putin. If the oligarchs are ruined financially, and thrown out of their palaces around the world, they’re going to be very resentful.
Grounds for a coup?
Ukraine changed a lot of things, including the era of the oligarchs. It’s over!