Business
Three sanctioned Russians own UK property via BVI: reports
By MERRICK ANDREWS, Online News Editor
(JTV News) — As the military conflict rages between Russia and Ukraine, news has emerged that the British Virgin Islands financial services sector is party to millions of dollars worth of property owned by three sanctioned wealthy Russian businessmen, according to media reports.
The trio — Alexander Frolov, Igor Shuvalov and Vladimir Potanin – known as oligarchs, own properties via the BVI, Cyprus, and Russia worth a combined 35 million pounds, according to the UK Guardian newspaper.
While this news is not a huge surprise considering the fact that the BVI is one of the most prominent financial services industries in the world, the Russia-UK war has propelled this news into the spotlight.
CBS News reports that oligarchs are extremely wealthy business leaders who are politically connected, especially more so in 1990’s Russia.
CBS news adds that many Russian oligarchs are heavily involved in and benefit from Russian President Vladimir Putin’s regime, with some serving in political positions.