Effective sanctions against oligarchs and the role of a European Asset Registry

Theresa Neef (), Thomas Piketty, Gabriel Zucman, Lucas Chancel () and Panayioti Nicolaides
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Theresa Neef: EU Tax - EU Tax Observatory
Lucas Chancel: Sciences Po - Sciences Po, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab

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Abstract: This note provides data on wealth inequality in Russia and advocates for a European Asset Registry. Russia exhibits the highest wealth inequality in Europe. Further, Russia's wealthiest nationals conceal a large share of their wealth through tax havens. The current architecture of the global financial system impedes comprehensive knowledge on beneficial ownership across asset types and jurisdictions. Under the roof of a European Asset Registry, the already existing but currently dispersed information could be gathered. This would change the state of play, resulting in better-targeted sanctions and effective tools to curb money laundering, corruption and tax evasion. The European Union could have a pioneering role in taking the next step towards more financial transparency.

Date: 2022-03-16
New Economics Papers: this item is included in nep-cis and nep-tra
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Published in 2022

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Working Paper: Effective sanctions against oligarchs and the role of a European Asset Registry (2022)
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