

by John Helmer, Moscow
@bears_with
“We have overcome the situation when certain powers in the government were essentially usurped by oligarch clans,” President Vladimir Putin told the Federal Assembly last week. About the overcoming part, his staff aren’t so sure.
The week before, when asked to identify the guest list at Putin’s annual Christmas reception for the oligarchs on December 25, the president’s spokesman would not acknowledge there was a list, and refused to explain why it hasn’t been published. Publishing the list has been the Kremlin practice since the Christmas-for-oligarch suppers first began five years ago, on December 19, 2014.
In those five years, the President’s efforts to persuade the oligarchs to “de-offshorize” their capital, and repatriate it for reinvestment in Russia, have failed. Follow the details here. The US sanctions against those whom the US Office of Foreign Assets Control (OFAC) has judged to be closest to Putin, along with the US Treasury attack on Russian capital throughout the European banking system, have been more effective to that end. This may be the reason that, not having been overcome, the oligarchs and Putin have agreed that when they keep each other company, it will remain a state secret.
Secret at least from Russians, not from westerners. Between last month’s event and the start this week of the World Economic Forum (WEF) conference in Davos, Switzerland, the oligarchs have been busy advertising themselves in the foreign press. Their message is that they haven’t been overcome, not by the Kremlin and not by OFAC, so it’s back to business as usual.
As usual, the Financial Times is reporting this with the same fervor as has been filling the FT’s coffers and browning the noses of the FT’s Moscow Bureau for almost a quarter of a century. Regime change in the Kremlin, the Japanese-owned London outlet keeps hoping, is still best left to the oligarchs to arrange.
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