The U.K. is putting more pressure on Russian oligarchs. Critics say it comes too late
Washington officials
had expressed concerns about whether the U.K. could impose strict enough sanctions, due to the amount of Russian dirty money circulating in the U.K., and how that might affect international sanction efforts. Johnson’s revamped economic crime bill, introduced Feb. 28, will require anonymous foreign owners of U.K. property and companies to reveal their identity, to ensure that kleptocrats cannot hide behind shell companies. The bill will also cap the legal costs that law enforcement would incur while trying to seize oligarchs’ assets.
President Joe Biden also spoke about U.S. plans to sanction Russian oligarchs in his first State of the Union address Tuesday. “We’re joining with European allies to find and seize their yachts and luxury apartments, their private jets,” heWhat Biden’s Sanctions on Russia Will Actually DoCampaigners and experts say the U.K.’s reform is long overdue and doesn’t go far enough. Parliamentary bureaucracy could hold up progress for months—while Russian troops advance further into Ukraine within days.
London’s position as a global financial hub, combined with a friendly regulatory environment and its proximity to Russia has made the city an appealing location for some Russian oligarchs and
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