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UK to streamline sanctioning Russian oligarchs

LONDON (AFP) – Britain is to make it easier to sanction Russian oligarchs and align those sanctions with the European Union and the United States (US) over Moscow’s invasion of Ukraine, the government said yesterday.

The United Kingdom (UK) has been criticised for not doing enough to clamp down on oligarchs’ ill-gotten gains which are frequently invested in luxury real estate in London, a
popular destination.

Amendments will be introduced to the Economic Crimes bill, which the government now wants to be passed by the Lower House of Commons tomorrow, “to crack down on corrupt elites and ramp up pressure on (President Vladimir) Putin’s regime”, a statement said.

The amendments will “allow us to move harder and faster” with sanctions, Economic Secretary to the Treasury John Glen said yesterday.

“What we’re trying to do is make it more straightforward to get a legal basis to move on these individuals. We believe that these changes will make that difference,” Glen told BBC radio.

“In this situation, we need to look at how we can expedite these decisions more swiftly.”

The amendments “will allow the UK to align more rapidly with the individual designations imposed by our allies such as the US, Canada and the EU via an urgent designation procedure”, the government said after criticism that sanctions lists were not always aligned.

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