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Eaton Square in Belgravia, London, where aluminium magnate Oleg Deripaska has a residence: he appeared on a list of Russian oligarchs published by the US Treasury last January in connection with new sanctions legislation. Tucked behind Kensington Palace and protected by armed police at checkpoints on either end is the street known as Billionaire’s Row, the most expensive in London and perhaps the world. A private road owned by the Crown Estates, traffic is light and slow here, and a prohibition on photography is enforced by the private security guards who watch over every other house. Across the street at 15a lives Britain’s second richest man, Ukrainian-born businessman Len Blavatnik, who was knighted last year for services to philanthropy. Other neighbours include steel magnate Lakshmi Mittal, Formula One heiress Tamara Ecclestone, and the Sultan of Brunei. Businessman and Chelsea football club owner Roman Abramovich.

Russian billionaire and businessman Oleg Deripaska. London has become the home of dodgy money and we need to change that British prime minister Theresa May has taken diplomatic action, expelling 23 Russian diplomats and suspending high-level political engagement with Moscow. Labour MP Chris Bryant, chairman of the All Party Parliamentary Group on Russia, has long been pressing for Britain to crack down on dubious Russian money in London. Unfortunately, London has become the home of dodgy money and we need to change that. Belgravia’s Eaton Square has become so popular among rich Russians that it has become known as Red Square.

Many properties there were bought through anonymous companies so that the ultimate beneficial owner remains unknown. 4 billion worth of UK property that is owned with suspicious wealth, a fifth of it owned by Russian individuals. We’re a global financial centre, we have close ties to secrecy jurisdictions such as the British Virgin Islands, the Cayman Islands. We also have a blanket of services which are on offer to corrupt individuals who may be wanting to spend a lot of money. Between 2008 and 2015, about 3,000 high net-worth individuals, about a quarter of them Russians, took advantage of the Tier 1 Investment Scheme established by Gordon Brown.

2 million, you could invest it in the UK, get temporary residence and then apply for permanent residence within five years. 10 million, the wait shortened to two years. For seven years from 2008, checks on the source of the money coming into Britain under the scheme were lax, with the Home Office believing that the banks were checking it out, while the banks thought the Home Office was doing so. Since the safeguards were tightened up in 2015, the number of applications has dwindled to a trickle. London bought by Russians with links to the Kremlin. Borisovich says London’s Russian oligarchs should not be mistaken for conventional, self-made businessmen. Their riches come from transactions with the Russian government.