Economist Podcasts Hide, park: Russian money in London
Jun 3, 2022
Matthew Valencia, Deputy business affairs editor at The Economist, sheds light on the allure of London for Russian oligarchs, exploring money laundering and ethical dilemmas. Catherine Nixie, Britain correspondent, reflects on the history of royal jubilees, contrasting opulence with the current geopolitical climate. Lusya Shtein from Pussy Riot shares her harrowing escape from Russia, highlighting the fight for freedom. The dialogue reveals a complex relationship between wealth, power, and morality amidst the backdrop of celebration and conflict.
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The Impounded Superyacht
- Jason Palmer describes a trip to Canary Wharf, where the impounded superyacht "Phi" is docked.
- The yacht, worth £38 million, symbolizes the presence of Russian oligarch wealth in London.
London's Allure for Russian Money
- London has attracted Russian money due to its tax rates, light-touch financial regulation, and luxury property market.
- The influx of Russian money, including illicit funds, has been facilitated by successive UK governments.
Impact of the War in Ukraine
- The war in Ukraine has prompted increased scrutiny of Russian money in London and the passage of an economic crime bill.
- Despite existing legislation, enforcement, higher penalties, and political will are needed to combat dirty money effectively.