Russian Oligarch Sanctions: Frozen Assets, Due Process and What Happens Next

Following Russia's full-scale invasion, Western governments issued a slew of sanctions against oligarchs. But to what end? What's been achieved, and what happens next? Over the past decade, the UK has grappled with its reputation as 'Londongrad': a home for oligarchs – most often from Russia – to park and enjoy their money. Successive governments resisted calls for action against these individuals, whether the calls came from civil society, opposition MPs or European ambassadors in London. Even following the Salisbury poisonings in 2018, the oligarch community remained untouched. That all changed in February 2022 when the UK government's resistance to sanctioning oligarchs crumbled in the face of Russia's full-scale invasion of Ukraine. Accommodating Russians and their money in London become indefensible. In this latest episode of the STR podcast, CFS Director Tom Keatinge is joined by expert oligarch watchers Michael O'Kane, a partner at Peters & Peters, and Natalia Kubesch, Legal Director at REDRESS. Four years since the Johnson/Truss government finally pulled the trigger on oligarch sanctions, one basic question remains unresolved: what is actually meant to happen to these sanctioned individuals — and, perhaps more importantly, to their frozen assets?