British sanctions: panic among Russian oligarchs in London

In Great Britain, too, Russian oligarchs fear for their properties and yachts, which are worth millions. So far, only a few are on the sanctions list. They are still afraid.

It has been a busy week for Russian oligarchs with assets in London. They try to protect money and real estate from the sanctions.

Like Roman Abramovich, who wants to sell Chelsea. The British government has only put a few people on the list and is therefore criticized.

“Bizarre Week”

One who advises Russian oligarchs is lawyer Nigel Kushner. The past week was unusual, he told radio station BBC 4: “Over the past 15 years, 90 percent of those I advise have come after they’ve ended up on the list. And this week it was bizarre because many haven’t even have been sanctioned.”

Fear runs high among extremely wealthy Russians with assets in Britain. They want to know from Kushner how they can defend themselves against having their money and real estate assets frozen. And if they aren’t already on a sanctions list, they want to know if they can still move the money before it might be.

Sanctions against oligarchs – too little, too late?

That’s legally possible, says Kushner – and that’s exactly what some criticize: Because the government had previously announced that sanctions would be tightened, many had had time to save their money. The sanctions regime is thus less effective.

In addition, the government has so far only put a few oligarchs on the sanctions list. A list of nine people was released on Wednesday. How many other people have already been sanctioned in previous rounds is not entirely clear.

criticism from the EU

The European Union also criticized the reluctance of the British government. Deputy Commission President Frans Timmermanns:

Parties funded by oligarchs – The British opposition has accused the Conservative Party of receiving donations from Russian oligarchs. Labor demands that the Tories pay back the money.

Abramovich separates from Chelsea

The public pressure is great. For example, for Roman Abramovich, who owns the Chelsea football club and owns a property worth millions in London. Although he is not on the British sanctions list, he nevertheless announced his intention to leave the club. A press release states that he wants to donate the proceeds to the victims of the war.

The daily newspaper “The Sun” headlined a photo of Abramovich with a Chelsea scarf: “Clearoffski”, “Get lost” with a reference to Russian word endings.

Threatening letters to the Foreign Ministry

The panic among other oligarchs is so great that their lawyers have written letters threatening the State Department.

The British government has closed the airspace to Russian aircraft and ships from Russia or Russian-owned ships are no longer allowed to call at British ports. The yachts and private jets of Russian oligarchs are also said to be affected.