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I said "London", not the UK as a whole. An enormous number of high-value residential properties in London lie empty because they exist only as a store of wealt

I said "London", not the UK as a whole. An enormous number of high-value residential properties in London lie empty because they exist only as a store of wealth for Russian oligarchs. Something like a fifth or more of the £4.5bn of likely illicit -- literally unexplained -- wealth stored in residential property in London is from Russian oligarchs. It's a huge deal because it is targeted influence; big landlords back the tories. Any really serious attempt to hit that wealth will see pushback in private. https://bylinetimes.com/2022/02/18/startling-facts-about-london-the-oligarchs-paradise/ https://bylinetimes.com/2022/02/18/startling-facts-about-lon... https://www.irishtimes.com/news/world/oligarchs-and-unexplained-wealth-london-s-rich-russians-1.3438072 https://www.irishtimes.com/news/world/oligarchs-and-unexplai... https://www.bbc.co.uk/news/business-35757265 https://www.bbc.co.uk/news/business-35757265 This is a surprisingly pernicious influence on our politics. The current government have sat on a completed report into Russian influence in British politics for some time.

simonh 5y ago
> An enormous number of high-value residential properties in London lie empty because they exist only as a store of wealth for Russian oligarchs. Which is a shame because it would be better if they were put yo use, but it’s not a threat to the UK economy. No jobs depend on those properties. If there is a war and sanctions, we’ll, that’s why those oligarchs own those properties, to protect their wealth from Putin. They’re hardly going to sell up and move that wealth back to Russia, and if they did, so what? These sorts of Russian backup plan investments are always trotted out as this spooky big dependency we have in Russia. It’s utterly bogus, fear mongering founded on a fundamental misconception of how economics and finance actually work. Hardly surprising as it mostly comes from Marxists. We do have economic ties with Russia through UK companies doing business there, that’s where the risk is because that’s where the jobs and investments in jeopardy are.
- soco 5y ago
  Money laundering is money laundering, so matter what jobs it might create. And the Russian oligarchy mob is a reality as well. So I'm not sure what kind of point is followed here... that one should accept their illegal stuff in their countries because, uh, whatever waves hand?
  - simonh 5y ago
    Rather than inventing an agenda for me from whole cloth, you could try just reading the comments I’m replying to and refuting instead to understand hat I’m saying in context. Maybe I’m wrong, perhaps there’s stuff I’m missing. That’s fine, but please don’t just flat out slag me off like that please.
    - unfocussed_mike 5y ago
      So already today there are criticisms of how weak Boris's sanctions are: https://twitter.com/Peston/status/1496140100316639247 https://twitter.com/Peston/status/1496140100316639247 He's also blunderingly claimed Roman Abramovich is subject to sanctions, to make a load of noise -- and Abramovich has clearly threatened to sue, so he has desperately retracted. His sanctions are as I expected, but thinner -- some notable banks, three oligarchs who may or may not have much money in the UK. They will clearly let some people move money out of the country, and the Tories are already on the back foot, including from The Spectator(!) https://www.spectator.co.uk/article/britain-s-sanctions-are-underwhelming https://www.spectator.co.uk/article/britain-s-sanctions-are-... https://twitter.com/PeterStefanovi2/status/1496388967515795458 https://twitter.com/PeterStefanovi2/status/14963889675157954... A reminder of who Boris's friendship circle includes, and his willingness to avoid scrutiny on the subject: https://www.theguardian.com/politics/2019/jul/26/boris-johnson-security-evgeny-lebedev-perugia-party https://www.theguardian.com/politics/2019/jul/26/boris-johns... Here is the obvious truth: the London Laundromat is at least a serious enough problem that it casts a shadow over our ruling government and our politics as a whole; enough to question whether it has weakened us in the way the US believes it has.
- unfocussed_mike 5y ago
  > we’ll, that’s why those oligarchs own those properties, to protect their wealth from Putin. By no means all London-investing oligarchs are on the run from Putin; several are close, like Roman Abramovich. Other oligarchs could well be investing Putin's huge fortune on his behalf. Either way there is considerable concern over the long term corrupting effect of this capital (and its influence over those who cast a blind eye over its arrival, in the Tory party and elsewhere) > Hardly surprising as it mostly comes from Marxists. Not sure I bothered replying if this is your angle, mind you. But here's a non-Marxist view of the threat to sanctions, enforcement, and corrupt influence presented by the London Laundromat: https://en.wikipedia.org/wiki/Russian_interference_in_British_politics https://en.wikipedia.org/wiki/Russian_interference_in_Britis... The chair of that committee has announced he would seek election as prime minister if there's a Tory leadership campaign. Here he is again: https://inews.co.uk/news/politics/uk-stop-russians-laundering-criminal-money-london-ukraine-conflict-1426247 https://inews.co.uk/news/politics/uk-stop-russians-launderin... To quote from that article, it's about Putin-adjacent cash: When the intelligence and security committee released its 2020 Russia report, it concluded - as many campaigners warned - that Russians who owed their fortunes to connections with President Putin and the Kremlin had embedded themselves in London assets using suspect money from the state. Money is speech, remember. All that cash is influence, it's not just hiding. Here's the US angle on our situation in the UK: https://www.independent.co.uk/news/uk/home-news/russia-ukraine-us-government-sanctions-b2002591.html https://www.independent.co.uk/news/uk/home-news/russia-ukrai... Here's the Economist: https://www.economist.com/the-economist-explains/2022/02/04/why-does-so-much-dodgy-russian-money-end-up-in-britain https://www.economist.com/the-economist-explains/2022/02/04/... Here's a discussion of pressure from a Lib Dem peer (hardly Marxist): https://www.theguardian.com/world/2022/jan/30/calls-for-uk-to-suspend-golden-visas-after-fast-tracking-of-russian-millionaires https://www.theguardian.com/world/2022/jan/30/calls-for-uk-t...

simonh 5y ago

> An enormous number of high-value residential properties in London lie empty because they exist only as a store of wealth for Russian oligarchs. Which is a shame because it would be better if they were put yo use, but it’s not a threat to the UK economy. No jobs depend on those properties. If there is a war and sanctions, we’ll, that’s why those oligarchs own those properties, to protect their wealth from Putin. They’re hardly going to sell up and move that wealth back to Russia, and if they did, so what? These sorts of Russian backup plan investments are always trotted out as this spooky big dependency we have in Russia. It’s utterly bogus, fear mongering founded on a fundamental misconception of how economics and finance actually work. Hardly surprising as it mostly comes from Marxists. We do have economic ties with Russia through UK companies doing business there, that’s where the risk is because that’s where the jobs and investments in jeopardy are.

soco 5y ago
Money laundering is money laundering, so matter what jobs it might create. And the Russian oligarchy mob is a reality as well. So I'm not sure what kind of point is followed here... that one should accept their illegal stuff in their countries because, uh, whatever waves hand?
- simonh 5y ago
  Rather than inventing an agenda for me from whole cloth, you could try just reading the comments I’m replying to and refuting instead to understand hat I’m saying in context. Maybe I’m wrong, perhaps there’s stuff I’m missing. That’s fine, but please don’t just flat out slag me off like that please.
  - unfocussed_mike 5y ago
    So already today there are criticisms of how weak Boris's sanctions are: https://twitter.com/Peston/status/1496140100316639247 https://twitter.com/Peston/status/1496140100316639247 He's also blunderingly claimed Roman Abramovich is subject to sanctions, to make a load of noise -- and Abramovich has clearly threatened to sue, so he has desperately retracted. His sanctions are as I expected, but thinner -- some notable banks, three oligarchs who may or may not have much money in the UK. They will clearly let some people move money out of the country, and the Tories are already on the back foot, including from The Spectator(!) https://www.spectator.co.uk/article/britain-s-sanctions-are-underwhelming https://www.spectator.co.uk/article/britain-s-sanctions-are-... https://twitter.com/PeterStefanovi2/status/1496388967515795458 https://twitter.com/PeterStefanovi2/status/14963889675157954... A reminder of who Boris's friendship circle includes, and his willingness to avoid scrutiny on the subject: https://www.theguardian.com/politics/2019/jul/26/boris-johnson-security-evgeny-lebedev-perugia-party https://www.theguardian.com/politics/2019/jul/26/boris-johns... Here is the obvious truth: the London Laundromat is at least a serious enough problem that it casts a shadow over our ruling government and our politics as a whole; enough to question whether it has weakened us in the way the US believes it has.
unfocussed_mike 5y ago
> we’ll, that’s why those oligarchs own those properties, to protect their wealth from Putin. By no means all London-investing oligarchs are on the run from Putin; several are close, like Roman Abramovich. Other oligarchs could well be investing Putin's huge fortune on his behalf. Either way there is considerable concern over the long term corrupting effect of this capital (and its influence over those who cast a blind eye over its arrival, in the Tory party and elsewhere) > Hardly surprising as it mostly comes from Marxists. Not sure I bothered replying if this is your angle, mind you. But here's a non-Marxist view of the threat to sanctions, enforcement, and corrupt influence presented by the London Laundromat: https://en.wikipedia.org/wiki/Russian_interference_in_British_politics https://en.wikipedia.org/wiki/Russian_interference_in_Britis... The chair of that committee has announced he would seek election as prime minister if there's a Tory leadership campaign. Here he is again: https://inews.co.uk/news/politics/uk-stop-russians-laundering-criminal-money-london-ukraine-conflict-1426247 https://inews.co.uk/news/politics/uk-stop-russians-launderin... To quote from that article, it's about Putin-adjacent cash: When the intelligence and security committee released its 2020 Russia report, it concluded - as many campaigners warned - that Russians who owed their fortunes to connections with President Putin and the Kremlin had embedded themselves in London assets using suspect money from the state. Money is speech, remember. All that cash is influence, it's not just hiding. Here's the US angle on our situation in the UK: https://www.independent.co.uk/news/uk/home-news/russia-ukraine-us-government-sanctions-b2002591.html https://www.independent.co.uk/news/uk/home-news/russia-ukrai... Here's the Economist: https://www.economist.com/the-economist-explains/2022/02/04/why-does-so-much-dodgy-russian-money-end-up-in-britain https://www.economist.com/the-economist-explains/2022/02/04/... Here's a discussion of pressure from a Lib Dem peer (hardly Marxist): https://www.theguardian.com/world/2022/jan/30/calls-for-uk-to-suspend-golden-visas-after-fast-tracking-of-russian-millionaires https://www.theguardian.com/world/2022/jan/30/calls-for-uk-t...