Home
/
RELIGION & LIBERTY ONLINE
/
Why do Russian oligarchs hide their money in London?
Why do Russian oligarchs hide their money in London?
Dec 14, 2025 11:40 PM

Former Russian intelligence agent Sergei Skripal and his daughter Yulia are clinging to life after being attacked with nerve gas in Salisbury. British Prime Minister Theresa May and Foreign Secretary Boris Johnson plan to target the finances of Russian oligarchs in retaliation.

Russian elites have spirited their cash to the UK via a dizzying array of British banks, businesses, and luxury properties:

British banks reportedly processed $738 million in funds from an elaborate Russian money-laundering scheme known as “The Laundromat”;Transparency International found at least £4.2 billion ($5.9 billion) worth of property in Londonwas “bought by individuals with suspicious wealth”;Russian funds (not all of it from oligarchs) may account for as much as “10 percent of all land and property worth more than a million pounds in London,” or $1.4 million, according to NPR; andOne-fifth of the sales of“super-prime” homes, worth £10 million or more, go to Russian nationals.

If the oligarchs enjoy Vladimir Putin’s favor, why would they store their wealth on the other side of the continent?

First, mand economy sows the seeds of its own destruction. “The whole Russian economy is dying,” a banker, who (understandably) wished to remain anonymous, told the Guardian. “Bribes are the biggest part of it.” Russia ranked 138 globally in Transparency International’s annual report on corruption perception; the UK came in eighth.

Bribery must lubricate the wheels of any economy which turn only at a politician’s will. Vladimir Putin has nationalized an increasing share of the nation’s GDP, from 50 percent under Boris Yeltsin to an estimated 70 percent of the economy today.

Second, one’s wealth – and, as the Skripal attack demonstrates, one’s existence – depends on the good and often fickle will of the ruler. “Billionaires such asMikhail Khodorkovskyor Vladimir Yevtushenkov saw their fortunes vanish after they fell out of favor with the government of President Vladimir Putin,” CNN reported.

Cronyism makes an attractive livelihood until the recipient no longer wishes to be a crony.

Jittery elites must always protect themselves against a mercurial strongman or his vengeful successor. It is precisely the facets of the crony economy that made the oligarchs wealthy in the first place that also make their nations unreliable and undesirable for storing wealth.

They choose to offshore their funds in London (and elsewhere) for the same reason Latin American jefes bank in Miami: private property rights and the rule of law.

William F. Buckley Jr. called economic liberty “the most precious temporal freedom,” because “it alone gives to each one of us, in ings and goings in plex society, sovereignty.” Economic freedom provides the individual with the resources needed to resist tyrants, or mitigate their fury.

The rule of law creates social equality, stability, and permanence that allow citizens to plan their lives. Societies based on lex rex empower citizens to give their all, knowing they will enjoy the fruits of their own labor. Such nations do not bleed streams of revenue that its most productive citizens have squirreled away overseas out of fear or uncertainty.

In the English liberal tradition, the rule of law is the defining mark of a civilized government. “Between a tyrant and a prince there is this single or chief difference, that the latter obeys the law and rules the people by its dictates, accounting himself as but their servant,” wrote John of Salisbury in his Policraticus a half-century before the Magna Carta.

Imperious and capricious power also violates one of the principles of St. John Chrysostom, perhaps the most revered saint of the Eastern Orthodox Church. He wrote that a ruler must conform himself to Christian standards of temperament and behavior, which preclude partiality and vengeance. “A true king,” the saint wrote, “is he who conquers anger and jealousy and voluptuousness, and subjects everything to the laws of God.”

“He who appears mand people but in fact modates himself to wrath and ambition and pleasure … will not know how to dispose of the power” of the state, he wrote.

That statement is quoted in the “Bases of the Social Concept of the Russian Orthodox Church,” adopted by the Russian Orthodox Church in 2000, near the end of Putin’s first stint as prime minister.

photo has been cropped. CC BY-SA 4.0.)

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Handel, Messiah, and Entrepreneurship
With its subject, use of Scripture, and majestic soaring choruses, George Ferederic Handel’s Messiah is easily the most recognizable musical piece in Western Civilization. It is also perhaps the most widely performed piece of classical or choral music in the West. After hearing a performance of the Messiah, poser Franz Joseph Haydn simply said of Handel, “This man is the master of us all.” Not to be outdone, Beethoven declared, “Handel is the poser who ever lived. I would bare...
Christians Must Occupy ‘All Streets’
Over at the Patheos Evangelical Portal, I write about “How Christians Ought to ‘Occupy’ Wall Street (and All Streets).” My argument is that the occupiers that ought to be foremost in the minds of religious leaders are those who “occupy” their pews on Sunday mornings and jobs in the world throughout the week. Indeed, “Christians therefore must occupy the world in their occupations.” That’s where the renewing and reforming presence of the church in its organic expression finds its greatest...
Tertullian for the Twenty-First Century
Tertullian (c. 160 – c. 220 AD)The following section from Tertullian’s Apology has been illuminating some of my thinking about Christian social engagement lately: So we sojourn with you in the world, abjuring neither forum, nor shambles, nor bath, nor booth, nor workshop, nor inn, nor weekly market, nor any other places merce. We sail with you, and fight with you, and till the ground with you; and in like manner we unite with you in your traffickings—even in the...
Vaclav Havel and the ‘Notion of Responsibility’
Václav Havel, playwright, anti-Communist dissident and former president of the Czech Republic, died yesterday at the age of 75. There has been an outpouring of tributes to the great man today. In light of that, I’d like to point PowerBlog readers to the September-October 1998 issue of Religion & Liberty and the article “Living Responsibly: Václav Havel’s View” by Edward E. Ericson. Ericson says that Havel offers a particularly penetrating analysis of our times based on the understanding that, in...
Support Acton — Turn $5 into $30!
Today, Acton launched a new vehicle for mobile donations. Friends of the Institute can make tax-deductible contributions via text message. Text LIBERTY to 50555 to make a$5 donation to Acton. When prompted, reply with YES to confirm the donation, which will then be added to your phone bill. A generous donor has agreed to match all text donations 5-to-1 through the end of the year, multiplying the value of your donation. Give today and turn $5 into $30! Message and...
‘Occupy’ and Institutional Change
The Detroit News ran my piece on Christians, churches, and the Occupy movement today, “Protests, pews not always linked.” One of the reactions to the piece rightly noted that I did not fill out in detail what “the moral and spiritual formation necessary to be faithful followers of Christ every day in their productive service to others” looks like. ment at Patheos worries that my advice might leave Christians plicit with structural injustice.” One of the important implications of the...
Vladimir Solovyov in the History of Liberty
Painting by Ivan Kramskoi Reflecting on the state of Russian philosophy among the intelligentsia of his day (the sectarian, Russian intellectuals “artificially isolated from national life”), Nikolai Berdiaev wrote in 1909, There seemed every reason to acknowledge Vladimir Solov’ev as our national philosopher and to create a national philosophical tradition around him…. The philosophy of any European country could take pride in a Solov’ev. That, however, was not the case. Why not? Berdiaev continues, But the Russian intelligentsia neither read...
The Social Muddle at Sojourners
My recent piece in The American Spectator took the left to task for its misuse of the terms justice and social justice. The piece was more than a debate over semantics. In it I noted that Sojourners and its CEO, Jim Wallis, continue to promote well-intended but failed strategies that actually hurt the social and economic well-being of munities. I also called on everyone with a heart for the poor to set aside a top-down model of charity that “has...
The Church, Vocation, and Millennials: Losing a Generation
A recent study by the Barna Group examines the generation gap within various Christian traditions in the United States. The Millennial Generation (roughly anyone currently 18-29 years old) has e increasingly dissatisfied with their Christian upbringing. According to the study, … 84% of Christian 18- to 29-year-olds admit that they have no idea how the Bible applies to their field or professional interests. For example, young adults who are interested in creative or science-oriented careers often disconnect from their faith...
Samuel Gregg: The Madness of Lord Keynes
On the American Spectator, Acton Research Director Samuel Gregg examines the baleful influence exerted on economic thought and public policy for decades by John Maynard Keynes. Gregg observes that “despite his iconoclastic reputation, Keynes was a quintessentially establishment man.” This was in contrast to free-market critics of Keynes such as Friedrich Hayek and Wilhelm Röpke who generally speaking “exerted influence primarily from the ‘outside’: not least through their writings capturing the imagination of decidedly non-establishment politicians such as Britain’s Margaret...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved