The invasion of Ukraine by Russian forces was much heralded by U.S. and UK intelligence services but the scale of the attack seemed to take the West by surprise when it actually happened this week. In the UK, after criticism that the sanctions announced on 22 February were insufficient, Prime Minister Boris Johnson announced a draconian package of sanctions aimed at undermining the ability of Russian banks to transact financial arrangements in or through the UK on 24 February. Specific individuals and entities were targeted and similar sanctions are to be applied to Belarus, for its role in assisting the Russian invasion. However, the framework for tackling economic crime outside of the blunt instrument of sanctions is not currently fit for purpose, despite the Intelligence and Security Select Committee report on Russia in July 2020 noting that London is considered a ‘laundromat’ for corrupt money.
What Steps Other than Sanctions Might the UK Government Take Against Russian Assets in the UK?
