The Moscow Times supports suspending KYC

28. Februar 2022

and brain­drain initiatives.

Fore­mo­st, they [“bet­ter” inter­na­tio­nal sanc­tions] would block the ruling eli­te while gran­ting ordi­na­ry Rus­si­ans expe­di­ted visas and even refu­gee sta­tus with the right to live and work in eco­no­mi­c­al­ly deve­lo­ped coun­tries. They would pro­vi­de sup­port for the relo­ca­ti­on of entre­pre­neurs and spe­cia­lists, enab­ling hund­reds of thousands of high­ly skil­led and edu­ca­ted Rus­si­ans to lea­ve and stop paying taxes to this government.

What if Ein­stein and other Ger­ma­ny phy­si­cists had been pre­ven­ted from lea­ving Ger­ma­ny? Which coun­try would have built the ato­mic bomb in 1945?

The same princip­le app­lies to capi­tal. Only about 100,000 fami­lies in Rus­sia have savings of more than $1 mil­li­on. More peop­le than that atten­ded ral­lies in sup­port of oppo­si­ti­on lea­der Ale­xei Naval­ny. The­se wealt­hy indi­vi­du­als are most­ly staunch sup­por­ters of peace and good-neighborly rela­ti­ons bet­ween sta­tes. After all, their hol­dings depend on unrestric­ted air tra­vel and free­dom to coope­ra­te across bor­ders. Now, the owners of the­se Rus­si­an bank accounts are trans­fer­ring their wealth abroad en mas­se and with­drawing cash in for­eign cur­ren­cy, ther­eby demons­tra­ting their fears and their desi­re to with­draw their capi­tal befo­re the Rus­si­an aut­ho­ri­ties gain con­trol over it. Under no cir­cum­s­tan­ces should the West restrict this capi­tal flow: other­wi­se, that $100 bil­li­on in assets would remain at the Kremlin’s disposal. 

Wes­tern coun­tries should faci­li­ta­te this capi­tal flight by tem­pora­ri­ly sus­pen­ding the prac­ti­ce of KYC (know your cli­ent). Of cour­se, ever­yo­ne trans­fer­ring funds would do so knowing that they would have to go through this pro­ce­du­re later and pro­ve that the money was acqui­red legally.

Oh, and they like this:

If the EU and NATO real­ly want to stop the aggres­sor and pro­tect them­sel­ves from con­ti­nued aggres­si­on, they can and should risk impo­sing signi­fi­cant restric­tions on deli­vering pay­ment for Rus­si­an oil and gas. Spe­ci­fi­cal­ly, the West could trans­fer pay­ments to spe­cial accounts from which Rus­sia could only draw to pay for a limi­ted ran­ge of impor­ted goods. It could also limit the purcha­se pri­ce for Rus­si­an oil and gas by intro­du­cing a high excise tax; this would signi­fi­cant­ly redu­ce the flow of petro­dol­lars to Rus­sia, even from coun­tries that have yet to join the sanctions.

src: click

edit: Thats from an opi­ni­on pie­ce, not edi­to­ri­al, but in times like these…

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