Cyprus is “Moscow in the Mediterranean” and London is home to the “Red Square” – making it difficult for various European countries to live the lives of rich oligarchs.

There has been a desire to tighten the money-rich people in close contact with the Russian leadership since Russia invaded Ukraine just over a week ago.

See what different countries have done.

At a time when the oligarchs are in a hurry to move their ships to safety in the inaccessible Asian ports of sanctions, yacht seizures have begun in Europe.

One of the most recent anti-Russian reports is the seizure of Russian luxury ships. Germany, for example, has confiscated a huge yacht of more than 150 meters in Hamburg. The ship is a billionaire on the EU’s sanctions list Ališer Usmanovinille.

Luxury Yachts for prosperous Russians are also a familiar sight on the French Riviera. The Russian authorities have also seized a Russian yacht, which in turn is linked to the director of the energy company Rosneft. Igor Sechin.

Londongrad. Moscow-on-Thames. The British capital has many nicknames that tell of the huge amount of Russian money in Europe’s largest financial center.

There is even a “Red Square” in London like Moscow. Named after Eaton Square Park in Belgrade, one of London’s most expensive residential areas.

Russian money-rich people own several properties in the area, such as the oligarch Oleg Deripaskan the family owns a lavish luxury home in Belgravia.

There are a total of € 1.8 billion worth of property in Britain owned by Russians suspected of financial crimes or linked to Putin’s presidential regime, rate anti-corruption (switch to another service) Transparency International.

The British government has also stated in its 2020 report that the country is a key “launderer” of Russian money.

Successive British governments have promised to take action to eradicate the obscure money, but the issue has only really come to the fore.

Since Russia’s invasion of Ukraine, the British government has issued a number of sanctions and other measures to make life and access to Britain more difficult for those accused of supporting Putin.

Britain disabled (switching to another service) so-called “golden investment visas”, which allow people who invest at least £ 2 million in a country to obtain a permanent residence permit for themselves and their family members. The country’s government also promises more transparency in corporate ownership arrangements.

The British sanctions list also has a large number of individuals, which can also be found on the EU list. These include President Vladimir Putin, Foreign Minister Sergei Lavrov and businessmen with Finnish citizenship Gennady Tymoshenko and Boris Rotenberg.

Rotenberg, for example, is linked to London luxury quotas, but due to complex arrangements, it is often difficult to prove the oligarchs’ connection to holdings.

Sanctions affect the lives of well-known oligarchs, at least momentarily, either directly or indirectly. However, a British corruption researcher describes action to “shoot a pea gun” in the longer term.

– Sanctions do not diminish Britain’s role as a facilitator of global money laundering, creating geopolitical instability, director of the RUSI Research Institute’s Financial Crimes and Security Program Tom Keatinge stated on the department’s website in a published article. (switch to another service)

The problem is much bigger than the functioning of individual oligarchs. Russian money has been nesting in the country for so long that it has become part of British society, for example through the ownership arrangements of football teams.

The question is not black and white.

In Britain, for example, the Prime Minister has been amazed Boris Johnson granted membership of the upper house of parliament to the son of a former KGB agent and oligarch Evgeni Lebedeville in 2020. Lebedev used the front page of his Evening Standard this week to appeal to Putin to end the war.

Those with a relationship with Putin have been seen as influencing the Russian regime. But now the country is asking whether, after all, Russian money has been treated too blue-eyed.

Both of the country’s main parties, the ruling Conservatives and the Labor Party, have received funding from a Russian background, by quite legal means.

Cyprus has reaped questionable honor as one of the targets of Russian money. The status of Cyprus has caused speculation, but the country’s finance minister has assured him that the country has not opposed the exclusion of Russia from the Swift payment system, for example, at EU tables.

President Putin’s neighbors have close relations with Cyprus. The Russians on the island in the eastern Mediterranean have been attracted to Cypriot business and, in particular, a “golden passport” tailored for the rich.

Cyprus introduced the so-called “golden passport” in 2007. It gives its holder citizenship, against which a person must invest at least two million euros.

Cyprus stopped issuing so-called golden passports in principle in 2020, but it is still possible to obtain citizenship if the application has been pending before the decision to end the system.

Prior to the end of the system, Cypriot citizenship had been granted to almost 7,000 people.

For example, a cellist and businessman often dubbed Putin’s best friend Sergei Rolduginilla there are holdings on the island.

– The company controls the media, and feeds Russian propaganda. The situation is appalling, says a senior expert at Transparency International’s Brussels office focusing on EU affairs Roland Papp For in a video interview.

EU set (switch to another service)Roldugin on Monday on his sanctions list. In practice, this means at least that Roldugin’s access to the EU will be blocked and funds in the EU will be frozen.

Despite criticism, Malta has continued to issue so-called golden passports. However, the country has tightened the criteria for obtaining citizenship.

The EU has also taken legal action against Malta for nesting obscure money. Citizenship is also granted to people who have no real connection to Malta.

Anti-regime voices have intensified in Malta since Russia launched hostilities in Ukraine.

The Greek Ministry of Immigration said on Monday that the country has so far suspended the issuance and renewal of visas for wealthy Russians. The decision is due to Russia’s war on Ukraine.

Greece has offered a five-year residence permit for an investment of € 250,000. Greece started the program in 2013.

Greek Minister for Immigration Notis Mitarachin according to the country, the country has issued almost 2,500 residence permits to Russian citizens under the program. According to the minister, the Greek state has received more than three billion euros in investments through the program.

Hungary has also attracted wealthy Russians, such as members of the Duma, through investment programs. However, the so-called golden visa turned out to be a farce in Hungary.

The system was abandoned a few years ago, but at the same time, the arrival of the Russian investment bank International Investment Bank (IIB) has raised concerns.

The MFI is also often referred to as the “KGB bank”, referring to the bank manager’s family background.

The so-called “golden passport” is still in use in Bulgaria, but the country’s new government recently said it wants to abandon the arrangement.

One criterion for obtaining citizenship has been an investment in real estate, a business, or a bank deposit. However, the impact of the investment program has been limited in one of the poorest EU countries.

The impact of sanctions on Russian wealthy is still difficult to assess.

EU sanctions now include both major oligarchs and Russian officials who may not have extensive contacts or holdings in Europe.

Much also depends on how the legal text is interpreted. In practice, this may be reflected, for example, in whether sanctions against a wealthy individual are considered to extend to his or her businesses and activities.

Senior adviser Laura Solanko from the Bank of Finland’s Emerging Economies Research Institute (BOFIT) has also been interviewed for the story. Transparency International was also used as a source in the story report (switch to another service)European Getaway: Inside the Murky World of Golden Visa.