What is a Russian oligarch and do any live in London?
More sanctions could be on the way for Russia's wealthiest businessmen.
The escalating crisis in Ukraine has led to Prime Minister Boris Johnson to impose sanctions on five Russian banks and three billionaires.
Mr Johnson told Parliament on Tuesday: ‘Any assets they hold in the UK will be frozen, the individuals concerned will be banned from travelling here, and we will prohibit all UK individuals and entities from having any dealings with them.’
The three billionaires in question – Gennady Timchenko and Boris and Igor Rotenberg – are often described as ‘Russian oligarchs’.
But what does this term actually mean, and do any live in London?
Here is all you need to know.
What is an oligarch?
An oligarchy is a power structure in which power lies with a small number of people – an oligarch is a member of such a structure.
The term itself comes from the Greek words for ‘few’ and ‘rule’ – was first coined by Aristotle to describe how rich people run things.
Oligarchs are incredibly wealthy individuals who have made their money through family ties and inheritance or industry, and have religious or military control.
Many tend to have influence over government and are reported to exert this through bribery or, conversely, through the threat of removing financial backing. Some even hold government positions.
Russia has been influenced by an oligarchy since the break-up of the Soviet Union, and the replacement of President Mikhail Gorbachev, in 1991.
An intense struggle between oligarchs from Russia’s privately owned multinational corporations – which include the captains of its petroleum, natural gas, and metal industries – and the country’s ‘elected’ politicians has been ongoing for almost three decades.
Oligarchies are not specific to Russia, as some also quickly appeared on the economic and political scene of Ukraine once it became independent in 1991.
Are there any Russian oligarchs in London?
London is home to a number of wealthy Russian oligarchs. Many were listed by the MailOnline as possible targets for the governments’ sanctions ahead of the announcements today.
Alisher Usmanov – worth around £13.4 billion – lives in north London and also owns a mansion in Surrey.
Russian oil tycoon Oleg Deripaska – worth £3.2 billion – owns a home in Belgrave Square, while Alfa-Group co-founder Mikhail Friedman owns a mansion in Highgate.
Former deputy prime minister Igor Shuvalov also reportedly owns a penthouse in Whitehall worth £200 million.
It remains to be seen if more Russian oligarchs and businesses will be imposed with sanctions, with Mr Johnson saying that today’s announcement is just the beginning.
‘This the first tranche, the first barrage of what we are prepared to do and we hold further sanctions at readiness to be deployed’ he said.
MORE : Ukrainians in UK warn of ‘unimaginable’ suffering if Putin launches all-out invasion
MORE : What are sanctions and when will the UK impose them on Russia?
Follow Metro across our social channels, on Facebook, Twitter and Instagram
Share your views in the comments below