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Washington observer3/31/2023 There are three big factors limiting their efficacy: offshore secrecy, national differences in regulation, and the shelter offered by jurisdictions outside the western sanctions zone, such as Turkey and the United Arab Emirates (UAE).Īs the Guardian reported last year, not all properties are subject to asset freezes. More than 35 companies with links to the Russian state or blacklisted oligarchs have had their shares suspended in London.īut enforcement of sanctions has been patchy. The freedom to invest and move money has been curtailed. Travel bans mean yachting holidays in the Caribbean, ski trips to Verbier and private jet flights between one European capital and another are no longer possible. Have the oligarchs really nowhere to hide? As the anniversary of the Ukraine war approaches, it is time to ask how effective the measures to curb the power and influence of those who benefited financially from Vladimir Putin’s regime have been. Lubov Chernukhin, wife of a former Russian finance minister, gave so much money to the Conservatives that she is known as the biggest female political donor in British history. Russian money made its way into politics too. Russian industry was capitalised in London, with dozens of companies listed on the stock exchange and debt sales organised by City banks. For two decades, Moscow’s gold flowed into the British property market, its private schools, its football clubs.
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