BY THOMAS RID
On an April afternoon earlier this year, Russian president Vladimir Putin headlined a gathering of some four hundred journalists, bloggers, and media executives in St. Petersburg. Dressed in a sleek navy suit, Putin looked relaxed, even comfortable, as he took questions. About an hour into the forum, a young blogger in a navy zip sweater took the microphone and asked Putin what he thought of the "so-called Panama Papers."
The blogger was referring to a cache of more than eleven million computer files that had been stolen from Mossack Fonseca, a Panamanian law firm. The leak was the largest in history, involving 2.6 terabytes of data, enough to fill more than five hundred DVDs. On April 3, four days before the St. Petersburg forum, a group of international news outlets published the first in a series of stories based on the leak, which had taken them more than a year to investigate. The series revealed corruption on a massive scale: Mossack Fonseca's legal maneuverings had been used to hide billions of dollars. A central theme of the group's reporting was the matryoshka doll of secret shell companies and proxies, worth a reported $2 billion, that belonged to Putin's inner circle and were presumed to shelter some of the Russian president's vast personal wealth.