Major American and European brands have pulled out of Russia in protest over the war in Ukraine and have lost millions in the process.
Anti-money-laundering campaigners say that a recent decision by the European Court of Justice is a blow against financial transparency.
Detaining luxury vessels worth hundreds of millions of dollars was the easy bit. Maintenance runs about 10% of the yachts’ value.
The U.K. government has promised to act against the suits that allow wealthy litigants to abuse libel law and deter reporting on their finances.
Sanctions represent an existential threat for Russia’s elite, says sociologist Brooke Harrington.
Their fates and fortunes are tied closely to Vladimir Putin’s.
Despite billions’ worth of assets in London owned by Russian oligarchs, only a handful have been formally sanctioned by the U.K.
