How Russia’s struggle uncovered the darkish aspect of luxurious London

When Russia mounted its struggle in Ukraine in February 2022, Britain was one of many first Western allies to impose sanctions on the nation. 

As of May, these sanctions have reached over a thousand people and companies seen to be fueling President Vladimir Putin’s struggle chest with ill-gotten wealth. That consists of banks with complete world property of £500 billion ($613 billion) and oligarchs and their households with a mixed web value of £150 billion. 

But behind London’s ban lies a shady relationship with Russian wealth that’s something however secret: A popularity for which it earned the nicknames “Londongrad,” the “London laundromat” and “Moscow-on-Thames” properly earlier than the struggle. 

A December 2020 Home Office report discovered a “significant volume of Russian, or Russian-linked illicit finance channeled through the UK economy,” together with on issues like high-end U.Ok. actual property, non-public college charges, luxurious automobiles, and typically as donations to cultural establishments. 

“If you’re looking for somewhere safe to stash the proceeds of your nefarious activities, London’s a very attractive place to do it,” mentioned Duncan Hames, director of coverage at Transparency International.  

Amid mounting worldwide stress, Britain is now in search of to salvage its popularity with a brand new clampdown on corruption.  

In March 2022, the federal government launched into legislation a long-awaited Economic Crime Act, rising sanction powers and requiring overseas homeowners of U.Ok. properties to disclose their identities.  

But will it’s profitable? And simply how will London fare with out its repair of forbidden finance? Watch the video above to seek out out.