Miles Kellerman
@mileskellerman.bsky.social
Assistant Professor at Leiden University's Institute of Security and Global Affairs. Working on the intersections of finance, crime, and international politics.
Website: mileskellerman.com
Substack: https://open.substack.com/pub/mileskellerman
Website: mileskellerman.com
Substack: https://open.substack.com/pub/mileskellerman
“Maybe I will have to answer the question of ‘Has everything been below the cap?’, but it was below the cap, so . . . I’m not scared to tell the people that the source of my business was Russian oil.”
Give a cap, they’ll take a mile
www.ft.com/content/ec74...
Give a cap, they’ll take a mile
www.ft.com/content/ec74...
How this 31-year-old made $250mn in 30 months
Christopher Eppinger kept trading Russian oil when sanctions meant others stopped
www.ft.com
November 8, 2025 at 8:44 AM
“Maybe I will have to answer the question of ‘Has everything been below the cap?’, but it was below the cap, so . . . I’m not scared to tell the people that the source of my business was Russian oil.”
Give a cap, they’ll take a mile
www.ft.com/content/ec74...
Give a cap, they’ll take a mile
www.ft.com/content/ec74...
🔥New publication!🔥
We are losing the fight against financial crime. In a new article, now forthcoming in the Berkeley Business Law Journal, I propose a novel market-based solution: financial crime bounty hunters.
Short thread (🧵)
#lawsky #polisky #econsky
papers.ssrn.com/sol3/papers....
We are losing the fight against financial crime. In a new article, now forthcoming in the Berkeley Business Law Journal, I propose a novel market-based solution: financial crime bounty hunters.
Short thread (🧵)
#lawsky #polisky #econsky
papers.ssrn.com/sol3/papers....
Licensed Detection Agents: The Case for Financial Crime Bounty Hunters
<p>Policymakers around the world have outsourced the detection of money laundering, market manipulation, and other financial crimes to the private sector. This
papers.ssrn.com
November 6, 2025 at 2:27 PM
🔥New publication!🔥
We are losing the fight against financial crime. In a new article, now forthcoming in the Berkeley Business Law Journal, I propose a novel market-based solution: financial crime bounty hunters.
Short thread (🧵)
#lawsky #polisky #econsky
papers.ssrn.com/sol3/papers....
We are losing the fight against financial crime. In a new article, now forthcoming in the Berkeley Business Law Journal, I propose a novel market-based solution: financial crime bounty hunters.
Short thread (🧵)
#lawsky #polisky #econsky
papers.ssrn.com/sol3/papers....
Reposted by Miles Kellerman
Truly seems we're on the verge of a huge shock to the car industry over the Nexperia crisis - will keep track of things in this rolling thread
EU's car-making body said today assembly lines in Europe "might only be days away" from grinding to a halt
EU's car-making body said today assembly lines in Europe "might only be days away" from grinding to a halt
Critical chip shortage worsens by the day
The European Automobile Manufacturers’ Association (ACEA) is increasingly concerned by imminent disruption to European vehicle manufacturing due to the block in supply of foundational microchips that are essential for our members’ manufacturing.
www.acea.auto
October 29, 2025 at 9:17 PM
Truly seems we're on the verge of a huge shock to the car industry over the Nexperia crisis - will keep track of things in this rolling thread
EU's car-making body said today assembly lines in Europe "might only be days away" from grinding to a halt
EU's car-making body said today assembly lines in Europe "might only be days away" from grinding to a halt
Reposted by Miles Kellerman
🚨💥Exit poll for Dutch parliamentary election of today: serious chance that the liberal Democrats of D66 come first ahead of Wilders. Sort of a surprise given previous polls
October 29, 2025 at 8:06 PM
🚨💥Exit poll for Dutch parliamentary election of today: serious chance that the liberal Democrats of D66 come first ahead of Wilders. Sort of a surprise given previous polls
Fascinating development. China has long been seeking to replicate ASML domestically. Can Silicon Valley do better?
Interesting piece on Substrate, Thiel-backed startup aiming to rival ASML
"Industry analysts say the high costs and enormous technical challenges in lithography to produce the most advanced chips give ASML a 10-yr head start over any would-be competitor"
"Industry analysts say the high costs and enormous technical challenges in lithography to produce the most advanced chips give ASML a 10-yr head start over any would-be competitor"
Peter Thiel-Backed Startup Secures $100 Million to Make Chips in U.S.
Substrate is seeking to build semiconductor factories with new laser-based technology, but the hurdles are high.
www.wsj.com
October 29, 2025 at 7:43 AM
Fascinating development. China has long been seeking to replicate ASML domestically. Can Silicon Valley do better?
“The Dutch government seized control of chipmaker Nexperia after Washington warned the company would not be removed from its export control list if its Chinese chief executive Zhang Xuezheng remained in charge, according to court filings.”
Dutch seizure of chipmaker followed US ultimatum over Chinese chief on.ft.com/492tmb8
Dutch seizure of chipmaker followed US ultimatum over Chinese chief
Takeover of Nexperia plunges Netherlands into US-China tech war
on.ft.com
October 14, 2025 at 9:55 AM
“The Dutch government seized control of chipmaker Nexperia after Washington warned the company would not be removed from its export control list if its Chinese chief executive Zhang Xuezheng remained in charge, according to court filings.”
China announced a major escalation in export controls on critical minerals this week.
ChinaTalk provides a great overview in conversation with Chris McGuire and Chris Miller -->
www.chinatalk.media/p/emergency-...
ChinaTalk provides a great overview in conversation with Chris McGuire and Chris Miller -->
www.chinatalk.media/p/emergency-...
EMERGENCY POD: Rare Earth Export Controls
Will Trump clap back or cave?
www.chinatalk.media
October 12, 2025 at 7:04 PM
China announced a major escalation in export controls on critical minerals this week.
ChinaTalk provides a great overview in conversation with Chris McGuire and Chris Miller -->
www.chinatalk.media/p/emergency-...
ChinaTalk provides a great overview in conversation with Chris McGuire and Chris Miller -->
www.chinatalk.media/p/emergency-...
Reposted by Miles Kellerman
A quiet bombshell in Europe’s tech world
The Dutch government seems to have effectively frozen operations of Nexperia, the Chinese-owned chipmaker, citing national security, according to corporate filing today - via @zichenwanghere
The Dutch government seems to have effectively frozen operations of Nexperia, the Chinese-owned chipmaker, citing national security, according to corporate filing today - via @zichenwanghere
Dutch govt accused of freezing operations of Chinese semiconductor giant's chipmaker Nexperia
Wingtech, the Shanghai-listed parent, denounces what it essentially calls a boardroom coup involving the Dutch government and local executives
open.substack.com
October 12, 2025 at 3:22 PM
A quiet bombshell in Europe’s tech world
The Dutch government seems to have effectively frozen operations of Nexperia, the Chinese-owned chipmaker, citing national security, according to corporate filing today - via @zichenwanghere
The Dutch government seems to have effectively frozen operations of Nexperia, the Chinese-owned chipmaker, citing national security, according to corporate filing today - via @zichenwanghere
Last December, China sought to choke off America's access to a critical strategic mineral. But in a new post, I find that supply chains adjusted at lightning speed.
Belgium, of all places, has replaced China as America's top source. It shows that weaponizing trade can have very strange side-effects
Belgium, of all places, has replaced China as America's top source. It shows that weaponizing trade can have very strange side-effects
October 10, 2025 at 9:02 AM
Last December, China sought to choke off America's access to a critical strategic mineral. But in a new post, I find that supply chains adjusted at lightning speed.
Belgium, of all places, has replaced China as America's top source. It shows that weaponizing trade can have very strange side-effects
Belgium, of all places, has replaced China as America's top source. It shows that weaponizing trade can have very strange side-effects
*What One Mineral Reveals About the U.S.–China Trade War*
China has banned the export of antimony to the U.S. But in a new post, I find that global supply chains - both legal and illegal - are finding ways to adjust.
#polisky #econsky #lawsky #china
mileskellerman.substack.com/p/what-one-m...
China has banned the export of antimony to the U.S. But in a new post, I find that global supply chains - both legal and illegal - are finding ways to adjust.
#polisky #econsky #lawsky #china
mileskellerman.substack.com/p/what-one-m...
What One Mineral Reveals About the U.S.–China Trade War
China has imposed strict controls on the export of antimony. But global supply chains, both legal and illegal, are finding ways to adapt.
mileskellerman.substack.com
October 9, 2025 at 2:00 PM
*What One Mineral Reveals About the U.S.–China Trade War*
China has banned the export of antimony to the U.S. But in a new post, I find that global supply chains - both legal and illegal - are finding ways to adjust.
#polisky #econsky #lawsky #china
mileskellerman.substack.com/p/what-one-m...
China has banned the export of antimony to the U.S. But in a new post, I find that global supply chains - both legal and illegal - are finding ways to adjust.
#polisky #econsky #lawsky #china
mileskellerman.substack.com/p/what-one-m...
As Lester Bangs once said, "You'll meet them all again on their long journey to the middle"
www.ft.com/content/5b00...
www.ft.com/content/5b00...
Stablecoin issuer Circle examines ‘reversible’ transactions in departure for crypto
President says sector should learn from traditional finance and allow refunds in cases of fraud or disputes
www.ft.com
September 25, 2025 at 9:19 AM
As Lester Bangs once said, "You'll meet them all again on their long journey to the middle"
www.ft.com/content/5b00...
www.ft.com/content/5b00...
Devils in the details. EU wants to issue long-term bonds backed by frozen Russian assets. Requires guarantee sanctions are in place throughout maturation period (the legal basis of the freeze). But sanctions must be renewed by unanimous vote every six months.
www.ft.com/content/4585...
www.ft.com/content/4585...
EU explores using €170bn of Russia’s frozen assets to fund Ukraine
Some capitals remain wary over ‘reparation loans’ plan, as US calls on G7 to tap Moscow’s money immobilised abroad
www.ft.com
September 17, 2025 at 3:21 PM
Devils in the details. EU wants to issue long-term bonds backed by frozen Russian assets. Requires guarantee sanctions are in place throughout maturation period (the legal basis of the freeze). But sanctions must be renewed by unanimous vote every six months.
www.ft.com/content/4585...
www.ft.com/content/4585...
Reposted by Miles Kellerman
🚨New working paper🚨
In this updated work with Annette Alstadsaeter, @bluebery-planterose.com , @gabrielzucman.bsky.social and @andokl.bsky.social , we use leaked data to chart the rise of offshore real estate in Dubai
www.taxobservatory.eu//www-site/up...
In this updated work with Annette Alstadsaeter, @bluebery-planterose.com , @gabrielzucman.bsky.social and @andokl.bsky.social , we use leaked data to chart the rise of offshore real estate in Dubai
www.taxobservatory.eu//www-site/up...
September 16, 2025 at 9:59 AM
🚨New working paper🚨
In this updated work with Annette Alstadsaeter, @bluebery-planterose.com , @gabrielzucman.bsky.social and @andokl.bsky.social , we use leaked data to chart the rise of offshore real estate in Dubai
www.taxobservatory.eu//www-site/up...
In this updated work with Annette Alstadsaeter, @bluebery-planterose.com , @gabrielzucman.bsky.social and @andokl.bsky.social , we use leaked data to chart the rise of offshore real estate in Dubai
www.taxobservatory.eu//www-site/up...
"Sri Lanka has denied Chinese military vessels entry into Hambantota several times despite China Merchant Group having an 85 percent controlling stake in the port...while [CMG] may have a controlling stake to operate the port, the Sri Lanka Port Authority, a state body, retains legal ownership."
The truth about China’s port empire isn’t in the headlines — it’s in the messy details.
Ports, Politics, and Power: The Messy Reality of China’s Overseas Port Investments
What if China’s global port empire isn’t the master plan Washington fears, but a patchwork of messy deals shaped as much by local politics as Beijing’s
warontherocks.com
September 15, 2025 at 6:37 PM
"Sri Lanka has denied Chinese military vessels entry into Hambantota several times despite China Merchant Group having an 85 percent controlling stake in the port...while [CMG] may have a controlling stake to operate the port, the Sri Lanka Port Authority, a state body, retains legal ownership."
Fascinating topic and thought-provoking argument about the dangers of preemptively striking suspicious satellites —>
Anti-satellite weapons are proliferating and now include the prospect of a nuclear-armed satellite capable of wiping out our entire communications infrastructure.
We tackle the many hard legal issues this new reality raises @nyulawreview.bsky.social.
papers.ssrn.com/sol3/papers....
We tackle the many hard legal issues this new reality raises @nyulawreview.bsky.social.
papers.ssrn.com/sol3/papers....
September 15, 2025 at 7:00 AM
Fascinating topic and thought-provoking argument about the dangers of preemptively striking suspicious satellites —>
“…SEALs punctured the [civilian] boat crew’s lungs with knives to make sure their bodies would sink.”
www.nytimes.com/2025/09/05/u...
www.nytimes.com/2025/09/05/u...
How a Top Secret SEAL Team 6 Mission Into North Korea Fell Apart
www.nytimes.com
September 6, 2025 at 7:10 AM
“…SEALs punctured the [civilian] boat crew’s lungs with knives to make sure their bodies would sink.”
www.nytimes.com/2025/09/05/u...
www.nytimes.com/2025/09/05/u...
Following post-Crimea sanctions, "Russian deposits in tax havens increased by an average of 15% relative to their synthetic control [$2.25 billion]"
From new working paper by Langenmayr et al, "Bypassing Sanctions: Hide ‘n Seek in Tax Havens?"
www.ifo.de/DocDL/cesifo...
From new working paper by Langenmayr et al, "Bypassing Sanctions: Hide ‘n Seek in Tax Havens?"
www.ifo.de/DocDL/cesifo...
www.ifo.de
September 1, 2025 at 10:01 AM
Following post-Crimea sanctions, "Russian deposits in tax havens increased by an average of 15% relative to their synthetic control [$2.25 billion]"
From new working paper by Langenmayr et al, "Bypassing Sanctions: Hide ‘n Seek in Tax Havens?"
www.ifo.de/DocDL/cesifo...
From new working paper by Langenmayr et al, "Bypassing Sanctions: Hide ‘n Seek in Tax Havens?"
www.ifo.de/DocDL/cesifo...
Reposted by Miles Kellerman
This interview, which is also available to listen to as a podcast, provides a useful overview of some of the dangerous trends we’ve been seeing in recent months regarding federalization and militarization of state and local police functions.
Opinion | Trump Is Building His Own Paramilitary Force
www.nytimes.com
August 28, 2025 at 2:33 PM
This interview, which is also available to listen to as a podcast, provides a useful overview of some of the dangerous trends we’ve been seeing in recent months regarding federalization and militarization of state and local police functions.
FinCEN released a notice today urging financial institutions to pay attention to Chinese-Mexican money laundering networks. I touched on this topic in a prior post and have a lengthier piece in progress -->
FinCEN release: www.fincen.gov/sites/defaul...
mileskellerman.substack.com/p/the-disass...
FinCEN release: www.fincen.gov/sites/defaul...
mileskellerman.substack.com/p/the-disass...
The (Dis)assembly of Information
Chinese crime syndicates are operating underground banks to launder the proceeds of fentanyl sales. But their practices, and the risks they pose, are far from new.
mileskellerman.substack.com
August 28, 2025 at 3:50 PM
FinCEN released a notice today urging financial institutions to pay attention to Chinese-Mexican money laundering networks. I touched on this topic in a prior post and have a lengthier piece in progress -->
FinCEN release: www.fincen.gov/sites/defaul...
mileskellerman.substack.com/p/the-disass...
FinCEN release: www.fincen.gov/sites/defaul...
mileskellerman.substack.com/p/the-disass...
“The reality of Trump’s threat to the very system that investors depend on has failed to become the conventional wisdom among traders…”
There’s a cognitive dissonance here. Accurately pricing in regime change is so costly as to be psychologically unfathomable. So we just…don’t.
There’s a cognitive dissonance here. Accurately pricing in regime change is so costly as to be psychologically unfathomable. So we just…don’t.
My new Politico Op Ed is live! Will send it out to my email list after I pick up lunch.
www.politico.com/news/magazin...
www.politico.com/news/magazin...
Opinion | Why Markets Aren’t Freaking Out Over Trump’s Attack on the Fed
And why that’s a big mistake.
www.politico.com
August 26, 2025 at 7:41 PM
“The reality of Trump’s threat to the very system that investors depend on has failed to become the conventional wisdom among traders…”
There’s a cognitive dissonance here. Accurately pricing in regime change is so costly as to be psychologically unfathomable. So we just…don’t.
There’s a cognitive dissonance here. Accurately pricing in regime change is so costly as to be psychologically unfathomable. So we just…don’t.
Now let’s bundle those bets into a synthetic product, and allow college students to parlay bets on that product with the Badgers beating Ohio State, all financed through Klarna. It’s the American way.
www.wsj.com/finance/comm...
www.wsj.com/finance/comm...
CME Teams with FanDuel to Launch Betting on Financial Markets
CME Group, the biggest futures exchange in the U.S., has teamed with the sports-wagering platform FanDuel to let users bet on the outcome of market-related events.
www.wsj.com
August 21, 2025 at 11:36 AM
Now let’s bundle those bets into a synthetic product, and allow college students to parlay bets on that product with the Badgers beating Ohio State, all financed through Klarna. It’s the American way.
www.wsj.com/finance/comm...
www.wsj.com/finance/comm...
Reposted by Miles Kellerman
www.foreignaffairs.com/united-state... @abenewman.bsky.social and meself are a cover story.
August 19, 2025 at 8:52 AM
www.foreignaffairs.com/united-state... @abenewman.bsky.social and meself are a cover story.
Reposted by Miles Kellerman
1/US gov stating unprecedented financial expropriation. From tech to law firms to Universities, threat of state coercion is used for corporate tithing. Without pushback, this behavior will escalate and threaten the economy. Who will invest when the gov will just take it.
fortune.com/2025/08/13/b...
fortune.com/2025/08/13/b...
Bessent says unusual Nvidia, AMD revenue-sharing deal could be a ‘model’ for other industries
Bessent called the deal “unique,” before suggesting that it could be a lot less unique soon. Scholars have another word: unprecedented.
fortune.com
August 14, 2025 at 9:34 AM
1/US gov stating unprecedented financial expropriation. From tech to law firms to Universities, threat of state coercion is used for corporate tithing. Without pushback, this behavior will escalate and threaten the economy. Who will invest when the gov will just take it.
fortune.com/2025/08/13/b...
fortune.com/2025/08/13/b...
Reuters reports the US is embedding tracking devices in the packaging of AI chip shipments to China.
As I wrote in a recent post (below), the ultimate goal is much more ambitious: embed tracking into the chips themselves.
#polisky #econsky #lawsky
www.reuters.com/world/china/...
As I wrote in a recent post (below), the ultimate goal is much more ambitious: embed tracking into the chips themselves.
#polisky #econsky #lawsky
www.reuters.com/world/china/...
August 14, 2025 at 7:23 AM
Reuters reports the US is embedding tracking devices in the packaging of AI chip shipments to China.
As I wrote in a recent post (below), the ultimate goal is much more ambitious: embed tracking into the chips themselves.
#polisky #econsky #lawsky
www.reuters.com/world/china/...
As I wrote in a recent post (below), the ultimate goal is much more ambitious: embed tracking into the chips themselves.
#polisky #econsky #lawsky
www.reuters.com/world/china/...
This was really something. What struck me most was the sense of sadness underneath the surface. The host saying he’s far right “only because they’re kind of my community.”
I spent the day with Curtis Yarvin and the "dissident right" at a garden party in Surrey and wrote quite a few words about it.
My cover story for today’s FT Magazine
on.ft.com/4ooXS4t [GIFT LINK! 🎁]
My cover story for today’s FT Magazine
on.ft.com/4ooXS4t [GIFT LINK! 🎁]
Sunday at the garden party for Curtis Yarvin and the new, new right
[FREE TO READ] What you learn at a gathering of neoreactionaries, Very Online rightwingers and the formerly cancelled
on.ft.com
August 9, 2025 at 8:52 AM
This was really something. What struck me most was the sense of sadness underneath the surface. The host saying he’s far right “only because they’re kind of my community.”