The Guardian view on the Ukraine crisis: calling
time on Londongrad
Editorial
After years of prevarication and delay, the government
must deal with Russian dirty money in the capital
Wed 23 Feb
2022 18.46 GMT
Describing
the manner in which Britain has been cravenly complicit in the laundering of
Russian oligarchs’ wealth, one expert witness told the foreign affairs select
committee in 2018: “We have had a welcome mat out to money – it has been
financial investment as opposed to industrial investment over the past 20
years. We have had a regulatory stance that welcomed that money.”
After
accumulating a huge body of similar evidence, the MPs produced a report
entitled “Moscow’s Gold: Russian Corruption in the UK”. Published in the wake
of the novichok poisoning of Sergei Skripal in Salisbury, it starkly concluded
that President Vladimir Putin and his allies hid and laundered corrupt assets
in London, drawing upon them when required. Nothing of any substance was done.
A subsequent “Russia Report” of 2020, published by the intelligence and
security committee, judged that oligarchs had become a corrupting force in
British public life, using their money to make connections and exert undue
influence. Again, the government response has been to delay and prevaricate.
As Vladimir
Putin’s troops menace eastern Ukraine, and the world contemplates the
possibility of a catastrophic war on European soil, the foot-dragging is
inexcusable. Last week’s decision to shut down the so-called golden visa route
for super-rich investors was welcome. But the exposure of the beneficiaries of
dirty money already invested in Britain, and sweeping sanctions, should be a
central part of any strategy to make Mr Putin realise the price of his
aggression. “Londongrad” – a damning nickname which has been around for well
over a decade – must finally be dismantled as a hub of Russian soft power and a
safe conduit for Kremlin cronyism.
The
foot-dragging tells its own, unedifying story. Turning a blind eye to the
dubious provenance of fabulous wealth, Britain has allowed Russian money to oil
the wheels of politics, commerce and philanthropy, and make one of the world’s
richest cities even richer. The anti-corruption organisation, Transparency
International, estimates that more than £5bn of property bought in the UK has
been acquired with wealth of suspicious provenance, one fifth of it from
Russia. Functioning as an army of discreet butlers, a network of well-paid
enablers have grown rich themselves by ensuring a congenial and accommodating
financial environment.
Since Boris
Johnson became prime minister, the Conservative party has received at least £2m
from donors with Russian links. It has benefited from the considerable
generosity of figures such as Lubov Chernukin, now a British citizen and the
wife of a former finance minister under Vladimir Putin; Ms Chernukin’s
donations led to dinner with Theresa May and a game of tennis with Boris
Johnson and David Cameron.
The broader
question of the timing, content and final scope of sanctions on the Putin
regime is complex. Boris Johnson miscalculated in starting so small in his
statement to the House of Commons on Tuesday. But there is a case for holding
some measures in reserve as leverage, to be used in eleventh hour diplomatic
efforts to dissuade Mr Putin from all-out invasion. In the event of further
military aggression from Russia, European nations dependent on Russian energy
have an invidious decision to make regarding how much pain they are willing to
inflict on their own economies. The decision by the German chancellor, Olaf
Scholz, to freeze Nord Stream 2 was a welcome early show of commitment on that
front, as was a new tranche of sanctions unveiled in Brussels. Calling time on
“Londongrad” should be an easy call to make. On Wednesday, in prime minister’s
questions, Sir Keir Starmer demanded an end to an “era of oligarch impunity” in
Britain. It is past time for this to happen.
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