As we have recently explored elsewhere, from the mid-1990s on, this massive re-concentration of wealth gave way to an extraordinary outflow of flight capital, and the proliferation of tax dodging and criminal enterprises.
Among the key beneficiaries of this economic crisis was Vladimir Putin, who rode it to power.
Ross, Jr., the billionaire American investor who is one of Donald Trump’s closest advisors on trade and economics, has direct financial ties to several leading oligarchs from Russia and the Former Soviet Union (FSU). Central to this inquiry is the question of Ross’s role as Vice Chair and a leading investor in the Bank of Cyprus, the largest bank in Cyprus, one of the key offshore havens for illicit Russian finance.
Ross has been Vice Chairman of this bank and a major investor in it since 2014.
And, as noted, the Bank of Cyprus was the market leader, as the island’s largest single financial institution, which for a time also had branches in Moscow, the Ukraine, Greece, and Rumania.
Of course Russian flight capital might have landed in many places.
Since then, Ross has played an active role in recruiting and nominating its senior management team, especially its board chairman, Josef Ackermann, the long-time former Chairman of Deutsche Bank — one of the few banks in the world that would make loans to Donald Trump.
THE ROOTS OF THE CYPRUS CRISIS To understand Ross’s role in Bank of Cyprus, we really have to start with what happened following the 1989 collapse of the Soviet Union, when state-owned enterprises, vast amounts of oil and gas reserves, and mineral wealth were sold for a song to a new class of incredibly rich, politically well-connected oligarchs and their partners in the state security apparatus.
According to money laundering experts, the Bank of Cyprus also has a long history of being up to its ears in Russian flight capital.Exiting a brothel in a hurry doesn’t explain what you were doing there in the first place. Whether or not these connections involve any criminality, these are the kind of relationships that most American business people would not tolerate for 30 seconds.Ross’ involvement in the Bank of Cyprus raises many questions about his judgment, but also about the Trump Administration’s seemingly endless direct and indirect connections with friends and associates of Vladimir Putin, who all 17 U. intelligence agencies say conspired to interfere in the November 2016 U. After all, as discussed below, since the 1990s Cyprus has served as one the top three offshore destinations for Russian and former Soviet Union flight capital, most of it motivated by tax dodging, kleptocracy, and money laundering.is now encrypted, except for our Electronic Reading Room, to assure visitor confidentiality.As a result, the Web address for pages and documents in our site has changed from to https://.