Home
/
RELIGION & LIBERTY ONLINE
/
Why do Russian oligarchs hide their money in London?
Why do Russian oligarchs hide their money in London?
Jan 30, 2026 7:40 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
Man Is Not the Measure: Whittaker Chambers on Tyson’s ‘Rationalia’
“Men have never been so educated, but wisdom, even as an idea, has conspicuously vanished from the world.” –Whittaker Chambers The vain self-confidence of high-minded planners and politicians has caused great harm throughout human history, much of it done in the name of “reason” and “science” and “progress.” In an information age such as ours, the technocratic temptation is stronger than ever. As the Tower of Babel confirms, we have always had a disposition to think we can know more...
Free eBook: ‘One and Indivisible’
From today until Sunday (July 14 – 17), the Acton Institute’s book One and Indivisible: The Relationship between Religious and Economic Freedom will be available to download for free. The book is a collection of essays, which is, according to editor Kevin Schmiesing, organized around the central theme: “What is the relationship between economic freedom and religious freedom?” As Schmiesing writes: In light of the urgent need both to understand the relationship between religious and economic liberty and to bolster...
Nobel Laureates Plead with Greenpeace to Drop Opposition to GMOs
“A group of more than 100 Nobel Laureates have publicly declared Greenpeace’s anti-GMO campaign a crime against humanity,” says Allison Gilbert in this week’s Acton Commentary. “These men and women say the science is clear — the world needs GMOs, and objecting to the production of genetically modified foods both denies scientific evidence and exacerbates the suffering of the world’s poor.” “We call upon Greenpeace to cease and desist in its campaign against Golden Rice specifically, and crops and foods...
3 Myths About Capitalism
What is capitalism? Why is it controversial? Dr. Jeffrey Miron from Harvard University breaks down 3 myths of Capitalism. ...
Who is Theresa May?
A true feminist, a devout Christian, and a leader mon sense will soon move into 10 Downing Street. As excitement—and dismay—surrounded Britain’s decision to leave the European Union, Remainer and (former) prime minister, David Cameron announced his resignation from British parliament’s highest position. Today he officially leaves office, allowing Theresa May to e the next British Prime Minister. Originally, Cameron planned to wait until October to pass the torch to the next leader, but on Monday he stated that, “we...
Examining Suspension Policies in the South
In Dothan, Alabama, school officials are meeting to make changes to the Dothan City Schools suspension policies because of disparities between the rates of suspensions between black and white students. Across the American South, these suspension disparities are among the greatest. The terms for how students are punished are largely subjective, and this punishment increasingly falls harder on minority pared to their white counterparts. An August 2015 report published by the University of Pennsylvania highlighted some of the disparities in...
Protectionism leads to turmoil, strife, and disorder
Proponents of protectionism often ground their support in a quasi-nationalism; trade should be restricted for the benefit of the nation. Economically, the argument holds little weight. The benefits of more trade, like more and cheaper goods, outweigh the costs, like some temporary unemployment that results from the closing of a factory that pete with panies. Some protectionists may accept this, and still urge tariffs, quotas, and other restrictions. They argue that a nation can still benefit, even with economic disadvantages....
Unemployment for Black Male Teens Spikes. Are Minimum Wage Increases to Blame?
The most recent jobs report appeared to present a positive impression of our current employment situation. As the New York Times headline read, “Jobs Roar Back With Gain of 287,000 in June, Easing Worry.” Of course whether it eased your worry or not largely depended on whether or not you’re a young African American man. For black male teens (aged 16-19 years), the jobless rate dramatically spiked to 40.1 percent in June from 28.1 percent in May. As Mark J....
What Christians Should Know About Consumption Smoothing
Note: This is the latest entry in the Acton blog series, “What Christians Should Know About Economics.” For other entries inthe series seethis post. The Term: Consumption Smoothing What It Means: Consumption is the use of goods and services by households. Consumption smoothing is the balancing out of spending and saving over a period of time to maintain the highest possible standard of living (measured in consumption) over the course of one’s life. Why It Matters: Consumption is one of...
Video: Rev. Robert A. Sirico at Acton University 2016
On June 17th, Acton Institute President and Co-founder Rev. Robert A. Sirico delivered the final evening plenary address of Acton University 2016. We’re pleased to present the video of his address here on the PowerBlog. ...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved