Home-grown oligarchs have been keeping the former Soviet republic poor, even in days of plenty.
Last September President Volodymyr Zelensky passed a “de-oligarchisation” law. Picture: UKRAINIAN PRESIDENTIAL PRESS SERVICE via REUTERS
By Varoufakis’s reckoning, Russia’s wealthiest 0.01% have taken about half their wealth, about $200bn, out of Russia and stashed it in the UK and other havens. “At the same time, the US’s wealthiest 0.01% have taken about $1.2-trillion out of the US, principally to avoid paying taxes.” Strangely, one country omitted from Varoufakis’s list is Ukraine itself. This could be down to nothing more than an oversight or, perhaps more worryingly, the current beatification of that country. The disturbing reality is that on February 24, all Russians became baddies and all Ukrainians became goodies. That is the unfortunate Hollywood way the Western media has of covering major events — that is, without much nuance.The fact is Ukraine is as blighted by oligarchs as Russia.
According to the World Bank, Ukraine is 20% poorer now than it was in 1990. At that stage, its living standards were on a par with Poland and many of the other Iron Curtain countries. Poland’s GNI per capita is about $15,270 at present.
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