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editorial

There is a shipping company in St. Petersburg, Russia, called SCF Arctic that pays its mid-level employees an average salary of around $11,000 per year.

One of those employees, Mikhail Shelomov, has somehow accumulated assets worth $730 million, according to documents uncovered by an international consortium of investigative journalists.

The assets include a motor speedway Mr. Shelomov appears to know almost nothing about, but that may be because it is controlled by people close to his distant relative, Vladimir Putin.

The Russian president, you see, is one of the world's richest people, and possibly even the richest.

According to the Organized Crime and Corruption Reporting Project – the folks who brought us such hits as the Panama Papers – Mr. Putin's circle of friends, relatives and business cronies hold at least $30 billion of what is believed to be mostly his money.

Among them is a butcher and childhood friend of Mr. Putin who appears to be worth $650 million.

Some of Mr. Putin's opponents accuse him and his allies of pocketing as much as $200 billion, mostly by plundering various public institutions and state-run businesses. But there are no public means by which to map the precise contours of his vast fortune, or exactly where it came from.

What is equally problematic is that some of the Putin network's wealth is possibly being used to fund the subversion of democracy abroad.

There has been much talk since the election of President Donald Trump about the Russian fake news campaign and its influence on the 2016 United States election. But Mr. Putin and his allies are believed to also support white-supremacist organizations in Europe and around the world, according to some experts.

A recent book by the Ukrainian academic Anton Shekhovtsov explores that question, and also chronicles the Russian security services' historical fondness for stoking racial animus and anti-immigrant sentiment in the West.

Mr. Putin's country has deep social problems and a shrinking economy. That it remains able to whip up all manner of mischief for Western countries may have a lot to do with the financial might of the people at the centre of the country's political and business worlds.

More light needs to be shed on Mr. Putin's money, and exactly what he is doing with it.

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