Brits turning ‘blind eye’ to Russia cash

BRITISH MPs urged the government Monday to clamp down on corrupt Russian money flowing through London, warning that turning a “blind eye” risked undermining its tough approach to Moscow.

Prime Minister Theresa May expelled diplomats and vowed new measures against human rights offenders after a nerve agent attack in Salisbury blamed on Moscow.

But in a hard-hitting report, the House of Commons foreign affairs committee said: “President [Vladimir] Putin and his allies have been able to continue ‘business as usual’ by hiding and laundering their corrupt assets in London.”

It called for stronger action against Kremlin-connected individuals and urged Britain to use its role as a financial centre to encourage global action to tighten loopholes in existing sanctions.

“There is no excuse for the UK to turn a blind eye as President Putin’s kleptocrats and human rights abusers use money laundered through London to corrupt our friends, weaken our alliances, and erode faith in our institutions,” said committee chairman Tom Tugenhadt.

“The UK must be clear that the corruption stemming from the Kremlin is no longer welcome in our markets and we will act.”

Outlining the “mixed messages” coming from Britain, the report noted last year’s flotation on the London Stock Exchange of the Kremlin-linked En+ Group, aided by sanctioned banks VTB Capital and Gazprombank.

It also cited the sale of Russian sovereign debt in London on March 16 this year, two days after the government announced the expulsion of 23 diplomats over the Salisbury attack – again involving VTB Bank.