How Russia exploits Western banks to repress Kremlin critics

Hello! Welcome to your weekly guide to the Russian economy, written by Alexandra Prokopenko and Alexander Kolyandr and brought to you by The Bell. This week we look at how Russia is abusing the West’s financial infrastructure and compliance checks to crack down on Kremlin opponents who have fled the country.

Russia weaponizes global compliance rules to reach exiled dissidents

Almost four years into its war on Ukraine, the Russian authorities continue to ramp up repression against critics of the invasion and the Kremlin. Moscow has started routinely adding dissidents to its “terrorists and extremists” blacklist, maintained by the Rosfinmonitoring financial intelligence watchdog. Since the agency works with its counterparts around the world, adding opponents to the list is one of the few ways Russia can hit dissidents that have fled to the West, ensuring they face big problems with their banks and in accessing other financial services.