Russians look to move money to beat UK sanctions

Wealthy Russians are looking to move their money out of the UK before being hit by sanctions, a lawyer has said.

Some oligarchs have been sanctioned by the government, which means their UK bank accounts are frozen and access to funds denied.

But others are taking advantage of any delay in adding them to its list.

"The government has softened the blow by giving [wealthy Russians] time to move their money out," lawyer Nigel Kushner of W Legal told the BBC.

Speaking to the Today programme, he said: "Clients have been asking: 'Can I move my money out before I'm on the list?' I will say yes, that's perfectly legitimate."

The government's list of Russians sanctioned includes 195 individuals, but most predate the invasion of Ukraine.

Since the start of the war just 15 Russians have been added to the sanctions list, including President Vladimir Putin.

Security Minister Damian Hinds told the BBC that the wealth of Russian oligarchs with British investments would not prevent the UK Government from "going after" them.

"There will be more individuals (who) can be sanctioned," he told BBC Breakfast. "We will be going after people as needed."

Last weekend, Foreign Secretary Liz Truss told the Sunday Times: "We are working through a hit-list and we will continue to sanction new oligarchs every few weeks.

"We have to make sure the cases are properly prepared and that we have the right evidence before we sanction these individuals," she added.

Meanwhile, the London Stock Exchange (LSE) has suspended the shares of 28 Russian-linked companies because of sanctions introduced following the invasion of Ukraine.

They include green energy and metals company En+ Group run by US-sanctioned oligarch Oleg Deripaska, which is chaired by Conservative peer and former energy minister Greg Barker.

The decision to suspend the listings "has been based on sanctions and the ability to run an orderly market," said LSE chief executive David Schwimmer.

"If we see any other any other securities affected by sanctions then similar actions will take place."

Last week, a subsidiary of Russia's second largest bank, VTB, was suspended on the LSE as a result of sanctions.

However, a number of Russian companies, including Roman Abramovich-backed Evraz, continue to trade on the stock market despite criticism from politicians.

New economic sanctions have also been announced to stop Russian aviation and space companies getting access to the UK insurance market.

The move will limit the benefits Russian businesses can receive from their access to the global insurance and reinsurance market through Lloyd's, the world's biggest insurance market.