David McWilliams says laundering dirty Russian money is like ‘drug trafficking’

Economist David McWilliams said the problems with dealing with dirty Russian money are similar to the problems with dealing with drug trafficking.

culminating in Crime World Episode 92, “The Russian Oligarchs Who Bought the Streets of London,” McWilliams said new oligarchs would emerge as a result of sanctions against Russia’s wealthiest.

“It’s a lot like drug trafficking, because as long as you have a consumer, the drugs are going to get to that person through different channels.”

“Sometimes it’s one gang, sometimes it’s another gang. I think it’s the same with oil, gas, etc. “, did he declare.

“If China doesn’t join the West, which they won’t, and they have no intention of doing so because they’re playing a very different game from ours, Russian oil will go to China.

China is the biggest importer of raw materials and resources.

“So they’re very happy to buy Russian oil right now because Russia is a struggling seller.”

“Russia has a lot of things to sell and Western Europeans are saying ‘we’re not going to buy it’,” he explained.

“So they will do good business with China and India and it was the middlemen who were the oligarchs.”

“New intermediaries will come in and maybe these apartments in Eaton Square will be bought by new intermediaries for less than the price paid by Abramovich, and it starts all over again, that’s how it works.”

“It’s about following the money.”

“Faces may change, families may change, nationality may change, but the end game is that middlemen, commodity traders or oligarchs reappear.”

It comes as the EU agreed a fifth sanctions package on April 8.

The sanctions include a ban on imports of all forms of Russian coal, which the EU says will result in lost revenue of 8 billion euros a year for Russia.

Other financial measures will see a complete ban on transactions and a freezing of the assets of four Russian banks, which are now completely cut off from the markets. The European Commission said this would further weaken the Russian financial system.

There are also new transport sanctions in which the EU has banned Russian and Belarusian freight road operators from working in the EU. EU ships are also banned from entering EU ports.

Targeted export bans on goods such as quantum computing, sensitive machinery and chemicals should be introduced in areas where Russia depends on EU supplies.

A new import ban will prevent EU countries from importing Russian products like cement, alcohol, high-end seafood and timber.

“These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other places under Russian occupation,” said Josep Borrell, High Representative for Foreign Affairs and Security Policy at the European Council. .

“The purpose of our sanctions is to put an end to the reckless, inhumane and aggressive behavior of Russian troops and to impress on Kremlin decision-makers that their unlawful aggression comes at a high cost.”

For more on the impact of Russian sanctions, the lavish lifestyle of London’s oligarchs and how the city became a laundromat for dirty money, listen criminal world with Nicola Tallant “The Russian Oligarchs Who Bought the Streets of London”.

Available to listen now, wherever you get your podcasts.

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