60 percent of the wealth of Russia’s richest 0.01 percent are held offshore. UC Berkeley economist Gabriel Zucman explains why blanket sanctions, of the kind that collapsed the ruble and Russian markets this week, “hurt ordinary Russians” but are less effective in targeting wealthy individuals who own assets in foreign currencies. As Russia continues to escalate its … Continue reading Gabriel Zucman: “I’m a Bit Skeptical That Freezing the Assets of a Few Dozen Oligarchs Can Be Highly Effective”