The British capital dubbed “Londongrad” because of its popularity with Russia’s wealthy and Kremlin-aligned elite is no longer quite as welcoming after Russian President Putin’s invasion of Ukraine.
Whereas once they could live relatively anonymously amid the gleaming high-end mansions of Kensington, Knightsbridge and nearby Belgravia, the oligarchs and their money are now sharply in the spotlight amid public condemnation and calls for more severe sanctions from global political leaders.
But as well as transforming the club’s fortunes, for some his arrival became a symbol for the influx of wealthy Russians eager to snap up British companies and make the most of an opportunity to help soften their public image. The oligarchs “are going to have to make some pretty tough decisions,” Keatinge said, with the threat of sanctions forcing them “to choose between their wealth, their luxury, their future and supporting Vladimir Putin.”, which have imposed sanctions on Russian banks, business owners and members of Putin’s inner circle, although Abramovich is not among them.
The Biden administration announced a new round of sanctions against Russian oligarchs and their families Thursday, with mining and mineral magnatefor his former investment in another London soccer club, Arsenal FC. Detaching the British financial system from Russian business could prove difficult, however. The Parliament’s security and intelligence committee warned in 2020 that Russian influence was so deeply embedded that by now it “cannot be untangled.”
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