Europe wages war on Russian oligarchs as London and Cyprus tighten regulations for banking operations

London and Cyprus have tightened the regulations for banking operations, and the accounts belonging to Russians face blocking.

Last weekend, Britain said it could block the bank accounts of about 100 foreigners. The assets will be frozen unless their owners provide information on the source of the money. At the same time, new laws entered into force in Cyprus, and now it is almost impossible to keep funds in offshore banks legally.

It is noteworthy that as early as in January, the National Crime Agency (NCA) stated that they could seize the foreign property of unknown origin in only one or two lawsuits. However, the situation changed dramatically after the Skripal incident.

According to The Bell, the agency checks the accounts of all Russians who have Tier 1 Investment Visas. Among them is the Russian businessman Roman Abramovich, whose visa was not extended. Under the old legislation, 700 Russian citizens got this visa between 2008 and 2015.