The Russian state is back. That may not be a big surprise to Russia watchers. The degree to which it is a KGB state, however, is documented in great detail in Catherine Belton's new book Putin's People: How the KGB Took Back Russia and Then Took on the West (Farrar, Straus and Giroux 2020). Certain elements of the KGB were playing a "long game" as early as the 1980s and saw the need for an alternative to the sclerotic late Soviet system. And they were going to be part of that post-Soviet regime. Fast forward 20 years later, these security and intelligence officials are still playing a long game financially, moving billions of dollars around off-shore to forward the interests of the Russian state, and their own.

Daniel Peris is Senior Vice President at Federated Investors in Pittsburgh. Trained as a historian of modern Russia, he is the author most recently of Getting Back to Business: Why Modern Portfolio Theory Fails Investors. You can follow him on Twitter @HistoryInvestor or at http://www.strategicdividendinvestor.com

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