Russian money in London is the flow of capital from Russia to the United Kingdom since the dissolution of the Soviet Union which has had a noticeable impact on the London economy. Colloquially the impact of the capital flow is referred to as "Londongrad" and "Moscow-on-Thames".[1]
Russian money has been prevalent in London since the dissolution of the Soviet Union in 1991,[1] following which many Russian oligarchs sought to invest their wealth in other countries.[citation needed] British Government policy encouraged the flow of foreign capital into the United Kingdom, for example through the foreign investor visa routes, introduced during John Major's premiership in 1994, one-fifth of whose recipients since 2008 are Russian citizens.[1] Additional funds flow to British overseas territories, commonly used as tax havens, such as the Cayman Islands and British Virgin Islands.[2] The concept[which?] is commonly associated with the terms "Londongrad" and "Moscow-on-Thames".[1]
Over £27bn is invested by Russian citizens in the United Kingdom.[2] Amongst the investments are Premier League football clubs, Scottish country estates, and the Evening Standard.[3]Tate art institution was supported by Viktor Vekselberg and Peter Aven.[4]Alexander Mamut invested £100m to Waterstones bookstore chain after acquiring it in 2011 for £53m. According to its managing director James Daunt, the intervention saved Waterstones, which managed to make its first annual profit since 2008 in 2016.[5] He later remarked that continued Russian ownership would've been "catastrophic" for the chain in 2022.[6]
Following the 2022 Russian invasion of Ukraine there was a political desire to take action against UK-based oligarchs. Unexplained wealth orders are expected to be better enforced and foreign investor routes[which?] scrapped. The Economic Crime Bill was also revived and it includes a register to improve transparency of ultimate land ownership, currently obscured through the use of shell companies.[10] Reuters reported that some Russian citizens have been making ownership changes and consulting lawyers to shield their assets.[2]
^ abcd"The rise and fall of Londongrad". The Economist. 5 March 2022. from the original on 6 March 2022. Retrieved 6 March 2022.
^ abcdMacaskill, Andrew; Belton, Catherine (28 February 2022). "Londongrad tries to kick its 30-year Russian money habit". Reuters. from the original on 2022-03-01. Retrieved 2022-03-06.
^"Five things we learned about Russians in the UK". BBC Radio 4. Retrieved 17 July 2022.
^Sweeney, Mark (14 March 2022). "Tate galleries cut ties with sanctioned billionaires after Ukraine invasion". The Guardian.
^Flood, Alison (26 April 2018). "Waterstones bookshops bought by hedge fund Elliott Advisors". The Guardian.
^Johnston, Ian (17 April 2022). "Waterstones turns new page as custodian of independent bookselling". Financial Times. Archived from the original on 17 April 2022.
^"Ukraine crisis: How much Russian money is there in the UK?". BBC News. 11 March 2022.
^"Moscow's Gold: Russian Corruption in the UK" (PDF). House of Commons Foreign Affairs Committee. 15 May 2018. (PDF) from the original on 3 March 2022. Retrieved 6 March 2022.
^"Russia" (PDF). Intelligence and Security Committee of Parliament. 21 July 2020. (PDF) from the original on 3 March 2022. Retrieved 6 March 2022.
^Pickard, Jim (28 February 2022). "Government brings forward bill to tackle UK's 'dirty money'". Financial Times. Retrieved 6 March 2022.
Further readingedit
Bullough, Oliver (2022). Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything. New York: St. Martin's Press. ISBN9781250281920. OCLC 1303568974.
Bullough, Oliver (May 25, 2018). "How Britain let Russia hide its dirty money". The Guardian. Retrieved July 3, 2022.
Londongrad: From Russia with Cash; The Inside Story of the Oligarchs. Mark Hollingsworth, Stewart Lansley. Published May 5, 2009.
May 03, 2024
russian, money, london, londongrad, redirects, here, other, uses, londongrad, disambiguation, flow, capital, from, russia, united, kingdom, since, dissolution, soviet, union, which, noticeable, impact, london, economy, colloquially, impact, capital, flow, refe. Londongrad redirects here For other uses see Londongrad disambiguation Russian money in London is the flow of capital from Russia to the United Kingdom since the dissolution of the Soviet Union which has had a noticeable impact on the London economy Colloquially the impact of the capital flow is referred to as Londongrad and Moscow on Thames 1 Contents 1 History 2 See also 3 References 4 Further readingHistory editRussian money has been prevalent in London since the dissolution of the Soviet Union in 1991 1 following which many Russian oligarchs sought to invest their wealth in other countries citation needed British Government policy encouraged the flow of foreign capital into the United Kingdom for example through the foreign investor visa routes introduced during John Major s premiership in 1994 one fifth of whose recipients since 2008 are Russian citizens 1 Additional funds flow to British overseas territories commonly used as tax havens such as the Cayman Islands and British Virgin Islands 2 The concept which is commonly associated with the terms Londongrad and Moscow on Thames 1 Over 27bn is invested by Russian citizens in the United Kingdom 2 Amongst the investments are Premier League football clubs Scottish country estates and the Evening Standard 3 Tate art institution was supported by Viktor Vekselberg and Peter Aven 4 Alexander Mamut invested 100m to Waterstones bookstore chain after acquiring it in 2011 for 53m According to its managing director James Daunt the intervention saved Waterstones which managed to make its first annual profit since 2008 in 2016 5 He later remarked that continued Russian ownership would ve been catastrophic for the chain in 2022 6 According to Transparency International at least 1 5bn is invested into UK property by Russians accused of financial crime or with links to the Kremlin 7 In 2018 following the poisoning of Sergei and Yulia Skripal a report titled Moscow s Gold Russian Corruption in the UK was published by the Foreign Affairs Committee 8 In 2020 the Intelligence and Security Committee said that the influence of Russian business was so deeply embedded in the British financial system that it cannot be untangled 2 9 Following the 2022 Russian invasion of Ukraine there was a political desire to take action against UK based oligarchs Unexplained wealth orders are expected to be better enforced and foreign investor routes which scrapped The Economic Crime Bill was also revived and it includes a register to improve transparency of ultimate land ownership currently obscured through the use of shell companies 10 Reuters reported that some Russian citizens have been making ownership changes and consulting lawyers to shield their assets 2 See also editRussian oligarchs Russian oligarchs in London History of Russia 1991 present Shock therapy Russians in the United Kingdom Shock doctrineReferences edit a b c d The rise and fall of Londongrad The Economist 5 March 2022 Archived from the original on 6 March 2022 Retrieved 6 March 2022 a b c d Macaskill Andrew Belton Catherine 28 February 2022 Londongrad tries to kick its 30 year Russian money habit Reuters Archived from the original on 2022 03 01 Retrieved 2022 03 06 Five things we learned about Russians in the UK BBC Radio 4 Retrieved 17 July 2022 Sweeney Mark 14 March 2022 Tate galleries cut ties with sanctioned billionaires after Ukraine invasion The Guardian Flood Alison 26 April 2018 Waterstones bookshops bought by hedge fund Elliott Advisors The Guardian Johnston Ian 17 April 2022 Waterstones turns new page as custodian of independent bookselling Financial Times Archived from the original on 17 April 2022 Ukraine crisis How much Russian money is there in the UK BBC News 11 March 2022 Moscow s Gold Russian Corruption in the UK PDF House of Commons Foreign Affairs Committee 15 May 2018 Archived PDF from the original on 3 March 2022 Retrieved 6 March 2022 Russia PDF Intelligence and Security Committee of Parliament 21 July 2020 Archived PDF from the original on 3 March 2022 Retrieved 6 March 2022 Pickard Jim 28 February 2022 Government brings forward bill to tackle UK s dirty money Financial Times Retrieved 6 March 2022 Further reading editBullough Oliver 2022 Butler to the World How Britain Helps the World s Worst People Launder Money Commit Crimes and Get Away with Anything New York St Martin s Press ISBN 9781250281920 OCLC 1303568974 Bullough Oliver May 25 2018 How Britain let Russia hide its dirty money The Guardian Retrieved July 3 2022 Londongrad From Russia with Cash The Inside Story of the Oligarchs Mark Hollingsworth Stewart Lansley Published May 5 2009 Retrieved from https en wikipedia org w index php title Russian money in London amp oldid 1208961816, wikipedia, wiki, book, books, library,
