Black Market in Ukrainian Currency Masks True Extent of Decline; Banks Impose 30% Foreign Exchange Fee; Freely Floating Hryvnia Announced
In order to make sanctions against Russia less easy to circumvent, one must address the West's inaction against Russian black markets within their borders. Combatting illicit market activity has been raised at the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF), the World Bank, the G20, the UN, in US Congress, and the European Parliament. Perhaps the most comprehensive report on how developed economies can fight against these illicit market regimes was conducted by the OECD earlier this year. The IMF has been conducting research since 1989 on money laundering, tax evasion, and upholding financial integrity within the world's financial centers. The EU and the U.S. have the standards in place through the accords of these international institutions to monitor and halt the flow of funds into their financial centers. But in order to be effective, more concerted efforts for coordination among jurisdictions, proper personnel training, and more transparent policing must be implemented. As long as the western countries remain complacent with the status quo, they cannot expect Russia's black market networks to go away. The international community must also start to more closely monitor transactions between Russia and tax havens from Cyprus to the South Pacific nation of Nauru in order to deal with illicit financial flows in and out of Russia. The institutions are in place to put a halt to Russia's illicit operations, but it will take the commitment of the EU, the US, and countries like Switzerland to step up and enforce these policies within their own borders. Otherwise, under tougher sanctions, these networks will get stronger and bigger.
The EU could start by training importers in Cyprus and London to spot misinvoicing, and expose the shadow corporations and financial firms that are well-established within EU jurisdictions. London could also more vigilantly monitor illicit financial flows by cracking down on Russian shadow banks and questionable firms incorporated within its boundaries.
Action against these black markets, paired with sanctions, will send a strong message to Russia that Europe is ready to get rid of Russian corruption within its borders.
Poor russia .... LoL
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. And finally illustrates a state of faith in the Individuals composing the People, in letting the oldest conscious idea, the right to be able to defend itself... all of this that even "if" the Institutional Defense of the Empire fall, the 2A starts.
