๐ธ Putin's mystery money
Tonight: Everyone agrees Putin is filthy rich, but almost no one knows where he hides his money. Plus, vodka boycotts are the new freedom fries. Let's get into it. ๐ธ MYSTERY MONEY The US and its European allies on Friday announced new sanctions on Russian President Vladimir Putin, in a rare move targeting a foreign leader's personal wealth.
Among the luxuries that have been linked to Putin's friends and family, but never directly to him, are a $100 million mega-yacht and a Black Sea palace allegedly built for Putin's personal use.
A $200 BILLION ESTIMATE
THE POWER OF SANCTIONS Even though the general public doesn't have a good sense of where Putin's assets are hiding, "we can assume that US and EU intelligence agencies and law enforcement agencies have been tracking his assets for years," said Ross S. Delston, an anti-money-laundering expert.
The sanctions won't undo the damage Putin has wrought in Ukraine, and in the end they may make only a dent in his total fortune, but they do undermine his credibility on the world stage.
MORE ON THE RUSSIA-UKRAINE WAR
Plenty of people are mad at Russia right now, and for good reason. But as is often the case, some Americans are loudly misdirecting their rage. Maybe it makes you feel better, but chucking a case of Stoli into the river ain't gonna do much for the resistance. Here's the deal: Officials in Ohio, Utah and New Hampshire have called on liquor stores to remove Russian-made or Russian-branded products – namely, vodka.
Their hearts are in the right place, but the effect is useful as the "freedom fries" movement of the early aughts.
If you look closely, many of the top-selling vodka brands that trace their origins to Russia are now distilled in multiple countries, including the United States. Stoli, for one, is Russian only in name. The liquor is actually made in Latvia, and the company's headquarters are in Luxembourg — a member of NATO which has spoken against the Russian invasion. Stoli Group said it "unequivocally condemns the military action in Ukraine and stands ready to support the Ukrainian people, our teams and partners." Ready to smash that bottle of Smirnoff on ground and light it on fire? Try taking a deep breath, and maybe a shot, instead. Although it traces its heritage to 19th century Russia, Smirnoff has long been owned by British spirits giant Diageo and is manufactured in Illinois. Less than 1% of vodka consumed in the United States is produced in Russia, and in fact more than half of all vodka consumed domestically is made right here in the U.S. of A. CNN Business' Jordan Valinsky has more.
WHAT ELSE IS GOING ON? ๐ Estรฉe Lauder has fired John Demsey, a senior executive at the makeup company, for an offensive Instagram post that used a racial slur.
๐ฏ Target is boosting starting pay for some jobs to $24 an hour.
๐บ Chris Licht, the former executive producer of "Morning Joe" and the current showrunner of "The Late Show With Stephen Colbert," will become the new head of CNN, replacing Jeff Zucker, who was forced to resign in early February.
๐ง How did more than 43 million Americans get stuck with a mountain of student loan debt? On CNN's new podcast, Diversifying, host Delyanne Barros unpacks how we got here and explains how to tackle your student debt head-on. Listen to Diversifying on Apple Podcasts, Spotify, or wherever you listen to podcasts.
CNN BUSINESS NIGHTCAP You are receiving this newsletter because you're subscribed to CNN Business Nightcap.
No longer want to receive this newsletter? Unsubscribe. Interested in more? See all of our newsletters.
Create CNN Account | Listen to CNN Audio | Download the CNN App
® © 2022 Cable News Network, Inc. A WarnerMedia Company. All Rights Reserved. One CNN Center Atlanta, GA 30303
|