Home
/
RELIGION & LIBERTY ONLINE
/
Why do Russian oligarchs hide their money in London?
Why do Russian oligarchs hide their money in London?
Dec 24, 2025 10:28 AM

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
New Amsterdam Redivivus
As part of our ongoing engagement with the Protestant world, the Acton Institute has taken on the translation of Abraham Kuyper’s Common Grace, under the general editorship of Stephen Grabill and in partnership with Kuyper College. We’re convinced that renewed interest in the thought of Abraham Kuyper (1837-1920), and in fact rediscovering aspects of his thought that have been lost or misconstrued in the intervening decades, is critically important for the reconstruction of Protestant social thought. So it’s a big...
Wringing Hands Over Dominionism
Michelle Goldberg has a column up at the aptly named Daily Beast letting us all know that we really need to worry about something called “Dominionism” which supposedly prevails among Michelle Bachmann, Rick Perry, and folks who support their campaigns. Reinhold Niebuhr once warned of the dangers of religious illiteracy. Here we have exhibit A. Goldberg claims Bachmann and Perry are “deeply associated” with this “theocratic strain” of Christian fundamentalism. Yes, they are probably so deeply associated with it that...
TV Bias Book Not Ready for Primetime
My contribution to this week’s Acton News & Commentary: TV Bias Book Not Ready for Primetime By Bruce Edward Walker Reading Ben Shapiro’s Primetime Propaganda: The True Hollywood Story of How the Left Took Over Your TV is similar to time traveling through the pages of a TV Guide. Dozens of television series from the past 50 years are dissected through Shapiro’s conservative lens – or, at least, what passes for Shapiro’s brand of conservatism – to reveal his perception...
Another Run at the “Dominionism” Meme
In my last post, I rejected the contention by Michelle Goldberg and others that evangelical leaders such as Michelle Bachmann and Rick Perry are significantly influenced by the aims of the tiny Christian Reconstructionism movement. I tried to make the point that CR has a negligible political influence on evangelicals and that it is not honest to view evangelical office holders and candidates in the light of CR’s aims. The entire thing, I think, is a tar baby sort of...
Work As Worship
Do you view the work you do each day as worship, or is it something you do to pass the time or merely collect a paycheck? Remember work is not only the actions you perform to obtain a pay check, but includes any action “people do to earn a living.” Signs indicate that evangelical practice is entrapped in a dangerous snare of limitation placence. By placing almost sole emphasis on Bible study, worship attendance, and giving/tithing — the churchly aspects...
Religions’ reactions to financial realities
John Baden, chairman of the Foundation for Research on Economics & the Environment in Bozeman, Mont., wrote a column for the August 19 Bozeman Daily Chronicle about the Circle of Protection and Christians for a Sustainable Economy and how each has formulated a very different faith witness on the federal budget and debt debate. Baden says that the CASE letter to President Obama is “quite remarkable for it reads like one written by respected economists and policy analysts.” I attended...
If Corporations Are Making Your Child Fat, Run Crying to Mommy
The New York Times ran an op-ed yesterday by Canadian legal scholar Joel Bakan, the author of a new book titled Childhood Under Siege: How Big Business Targets Children.Bakan argues that the 20th century has seen an increase in legal protections for two classes of persons, children and corporations, and that one of these is good and one is terribly, terribly bad—mean, even. That furthermore, there has been a kind of inexorable, Hegelian clash between the Corporation and the Child,...
World Youth Day: Pope talks profits and people
On his flight to World Youth Day in Madrid this morning, Pope Benedict XVI responded to a question about the current economic crisis. Not sure what the question was, but the well-respected Italian Vatican analyst Andrea Tornielli captured the reply. Here’s my quick translation of the Pope’s answer: The current crisis confirms what happened in the previous grave crisis: the ethical dimension is not something external to economic problems but an internal and fundamental dimension. The economy does not function...
Krugman: Aliens Worth More to Economy than Men and Women (VIDEO)
Paul Krugman made the mistake of over-sharing this past weekend when he told CNN’s Fareed Zakaria he thinks that the United States economy would benefit from a military build-up to fight made-up space aliens. He’s been defended as being fed up with Republican obstructionism, being desperate to make a point, or even being wholly pletely correct. He’s entirely wrong though, and his thinking (what there is of it) is an example of the kind of depersonalized economics that has cost...
Progressive Boot Firmly Planted on Ranchers’ Throats
More than a billion dollars has already been pledged to relieve victims of the drought-turned-famine ravaging the Horn of Africa. The stricken countries—Somalia in particular—do not have the technology and the infrastructure to deal with a major drought, and so in what is ing a regular occurrence, the West is stepping in with aid. Meanwhile back at the ranch, Texas and Oklahoma are suffering record droughts that are wiping out crops and taxing cattle businesses. Ranchers cannot rely on the...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved