Angelika Hellweger explains London’s sanctions-related property dilemma

Angelika Hellweger outlined to Politico the problem facing many expensive London properties owned by sanctioned individuals.

Russian oligarchs have spent millions buying property in some of London’s most desirable locations. But Angelika emphasised that sanctions legislation makes it difficult for these individuals to pay for the upkeep of these houses. They need to go through the slow, complex process of applying for a licence from the Treasury's sanctions watchdog, the Office of Financial Sanctions Implementation (OFSI), which has been "overwhelmed'' since Russia's 2022 invasion of Ukraine.

Angelika also referred to buildings owned by the Libyan regime that were sanctioned in 2011 and have now fallen into disrepair. But she added that Russian oligarchs own much more London property than the Libyan regime.

She added: “There are many more Russian assets in the City, in very affluent areas, which have cultural significance for the City of London.”

The full article can be read here.

Featured at: Politico