Russian money in London
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]
History
Russian money has been prevalent in
Over £27bn is invested by Russian citizens in the United Kingdom.
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
See also
- Russian oligarchs § Russian oligarchs in London
- History of Russia (1991–present)#"Shock therapy"
- Russians in the United Kingdom
- Shock doctrine
References
- ^ 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
- 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. 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.