Much of that money will have been recycled into luxury properties in London and the home counties. London has become notorious globally as the "laundromat" through which many oligarchs have rinsed their ill-gotten gains. Image: Reprisals involving Rosneft would be damaging for BP When the US tried to sanction Oleg Deripaska, the oligarch who is ultimate owner of the Russian aluminium companies Rusal and EN+, it created upheaval in metal markets and a spike in aluminium prices.įor the UK in particular, the worry is that the horse may have already bolted. Sanctioning oligarchs is also not without difficulty, not least because of the close correlation between these people and the businesses they own. Mr Johnson also stopped short of seeking to block Russian companies from raising capital in London, something he threatened last week, which may well be because this would have damaging consequences for the UK's financial services sector.Īlternatively it may be because the UK government had chosen to identify specific businesses instead. Reprisals involving that shareholding would be extremely damaging for the company. Image: The measures are likely to have little impact on those close to Mr Putin or the companies they control Pic: APīP, one of the UK's most widely-held companies and the ninth-largest business in the FTSE-100, owns a 20% stake in Rosneft, the state-controlled Russian oil and gas producer, an asset worth - even following the recent falls in both Rosneft's share price and the Russian ruble - some £8.7bn. It would potentially contribute to an energy crisis if, for example, the Russian gas supplier Gazprom was left unable to use SWIFT to collect payments owed to it by Western customers. It would prevent banks from elsewhere around the world being able to collect payments from Russian banks - potentially hurting Western creditors of those banks and their Russian customers.įoreign lenders are estimated to have some $30bn worth of exposure to Russian lenders. Russia's banks are deeply embedded in the Western financial system and such a measure would potentially have knock-on effects. The nuclear option would have been to have kicked Russia's banks out of SWIFT, the international banking messaging system used by more than 11,000 institutions worldwide, but this was probably a non-starter. The bigger question is what else Mr Johnson could have announced. So, while these sanctions will clearly have an impact on these individuals and companies, they are unlikely, by themselves, to have much impact on Russia's economy or on Mr Putin himself. Igor Rotenberg and his uncle Boris, who co-owned the gas pipeline and electricity power line construction firm Stroygazmontazh, were also sanctioned by the US at that time. For more guidance, see Wikipedia:Translation.Image: The Russian banks facing sanctions, including Rossiya, are all relatively small.You should also add the template to the talk page.A model attribution edit summary is Content in this edit is translated from the existing Russian Wikipedia article at ] see its history for attribution.
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