Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Questions raised over time-lag on UK moves to sanction oligarchs

Questions raised over time-lag on UK moves to sanction oligarchs

Only eight people named so far sanctioned in UK with critics saying a process likely to ‘take weeks and months’ allows time for ‘asset flight’
Liz Truss is facing mounting questions over why the Foreign Office will take “weeks and months” to sanction Russian oligarchs, with the UK lagging behind the US and EU after targeting just eight individuals with links to Vladmir Putin.

The Foreign, Commonwealth & Development Office (FCDO) has for days been promising to target a “hit list” of oligarchs but refuses to say when the names will be ready, despite warnings from MPs that billionaires will already be taking their assets out of the country.

Senior Tory MPs have been growing increasingly frustrated by what they see as a lack of preparation on the part of the Foreign Office, with some having warned Truss months ago that the UK should be ready with a response against London-based oligarchs with links to Putin if Russia were to invade.

Labour also raised concern about “asset flight” by oligarchs who fear they may be hit by sanctions soon and worries that the UK is “off the pace” compared with the US and EU.

Priti Patel, the home secretary, claimed on Tuesday there were “legal reasons” for the time being taken, with officials trying to make sure sanctions are watertight against legal challenge.

Cabinet sources insisted the UK had been going further on hitting banks and financial operations with sanctions than other countries, with more than 120 entities targeted to date.

Asked whether more oligarchs would be blacklisted this week, a Foreign Office source said on Tuesday: “We will be sanctioning more oligarchs over the coming weeks and months.”

But David Davis, the Tory former Brexit secretary, said the financial industry sanctions “were not going to hit Putin where it hurts most”.

“We need to target many more of his allies and facilitators that have frankly bought their way into British society and that’s what’s really missing,” Davis said.

“We need to target those owning businesses on our stock exchange. We need to target those owning London homes that we can no longer afford because of Russian operations in London. We need to target oligarchs who own football clubs that many of our citizens can no longer afford to attend.”

He added: “I do worry about the government moving so slowly that its prey escapes it.”

In the House of Commons, Davis named Roman Abramovich, the Russian billionaire with property in London, saying “according to the Spanish national intelligence committee, he is one of the men who manages Putin’s business affairs. That is a really important issue about whether he should be on our target list.”

Abramovich, the Russian billionaire who recently passed stewardship of Chelsea FC to a charitable foundation, has vehemently disputed reportsalleging he is close to Putin or that he has done anything to merit sanctions.

Bob Seely, a Tory MP and member of the foreign affairs committee, said oligarchs needed to be under the spotlight as they were “not just obscenely rich people who are mates with someone” but part of the Kremlin’s “structure of control and power whether it is in east Ukraine or in the UK”.

The EU announced a list of sanctions against Russian businessmen on Monday night, including billionaires Mikhail Fridman and Petr Aven. They have vowed to contest the restrictions.

Fridman is a Ukrainian-born energy tycoon who owns AlfaBank with his partners, including Aven. He bought and still owns Athlone House in Highgate, north London, for £65m in cash in 2016, according to the Land Registry.

The billionaire, who is one of Russia’s richest men, controls private equity firm LetterOne, which owns Holland & Barrett. In a letter to his employees this week, he called for an end to the “bloodshed” in Ukraine and stated that “war can never be the answer”, without directly criticising Putin.

Others to be sanctioned by the EU, but not the UK, include Alexei Mordashov, a major shareholder in TUI, the London-listed travel company. Alisher Usmanov, who has sponsorship links to Everton, also had his assets frozen as part of sanctions imposed by the European Union in response to Russia’s invasion of Ukraine. The Uzbekistan-born billionaire’s USM Holdings sponsors Everton’s training ground, with an initial five-year deal announced in 2017.

Another Russian oligarch not sanctioned by the UK is Oleg Deripaska, who has been on the US sanctions list since 2018 over his alleged links to the Russian government, which he has taken legal action to challenge.

This week, Deripaska called for peace talks to begin “as fast as possible” in a post on the messaging app Telegram. “Peace is very important,” wrote Deripaska, who founded the Russian aluminium giant Rusal, in which he still owns a stake through shares in its London-listed parent company EN+ Group.

The British government strongly defended the sanctions it has already put in place. The Foreign Office source added: “Liz has been clear we have a hit list and we’ll be working our way through that as part of a rolling package. Nothing – and no one – is off the table.”

Robert Jenrick, another former Tory cabinet minister, also argued that the most important sanctions were those that have a “systemic impact on the Russian economy”.

He said parliament “should not be going down the rabbit hole of interest in individuals and oligarchs – important though that is – as that is not going to make a material difference in the short term”.

He added that many of those business people left Russia many years ago and are not currently close to Putin.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
×