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The Herald Scotland
08-05-2025
- Business
- The Herald Scotland
Heritage expert points to hotel 'salvation' of famous street
Is the historic core, a World Heritage Site, to become a holiday resort? What kind of development brings best returns to international investors, and should that decide what gets built where and for whom? Whose centre is it? The 2008 financial crisis, with the collapse of the Royal Bank of Scotland and HBOS, sent shivers through the Edinburgh administration. The result was a pre-Covid decade in which the city council, further incentivised by austerity, worked closely with Scottish Government agencies to monetise assets, particularly in the city centre, where the unique historic environment and sense of place offered exceptional investment opportunities. Being 'open for business' reached its apotheosis in 2019 when a huge space deck for the Christmas market was allowed to be erected in East Princes Street without planning permission. The Cockburn Association, the city's civic trust, led public concern, expressed in the theme of a huge public meeting in January 2020, 'City for Sale'. The most significant development since then was the opening in 2021 of the St James Quarter behind the east end of Princes Street. It is a private space where the public are invited as 'guests'. It exemplifies what happens when global investors control space and promulgate the narrative about the heart of a city. READ MORE: Back in 2007, the city council identified the need for a 'main flagship covered shopping centre' to 'maintain an intensely developed vibrant city centre character'. Stalled by the 2008 crash and then by Covid, the St James Quarter with its galleria and 850,000 square feet of new prime retail space, was a welcome replacement for the despised 1970s St James Centre – a glum mall. In their marketing hyperbole, it is a 'lifestyle destination'. The Quarter's website proclaims pride in developing 'a fully inclusive community', while boasting 'exclusive new stores, restaurants, bars, entertainment, and more'. The W Hotel with its 'bundle of coiled ribbons, culminating in a pennant flying in the Edinburgh breeze', is part of this development. It now commands Edinburgh's historic skyline with Trump-like swagger. The decline of Princes Street is a recurrent theme in Edinburgh chatter: trams, traffic and tartanry have all been bemoaned across the decades. However, the impact of the St James Quarter on what was the prime shopping street, was brutal. The developer, Nuveen, claims 'foresight' as one of its strengths, so presumably knew its £1 billion investment to generate rental income for pensioners in North America would create vacancies on Princes Street and drive it downmarket. Conventional department stores are making way for mixed retail and hotel offerings. (Image: Getty Images) Salvation of sorts for Princes Street has come from the buoyant hotel industry. Profit margins on hotels have been over 20%, with Deloitte ranking Edinburgh ninth in Europe as a place for hotel investment. Therefore, hotels are filling vacant office buildings and some of the gaps on Princes Street, often with the promise of ground floor cafés and restaurants. More are in the pipeline across the city centre, from Haymarket to St Andrew's Square. But, as the Cockburn Association has argued: 'Without robust intervention, Princes Street risks transforming into a corridor of mid-market hotels, global fast-food chains, and uninspired retail, with diminished upper-floor activity.' The profitability of hotels has been boosted by the city's tourism, culture and events-led economic strategy. The historic environment and the qualities of the city centre as a place have been key assets to exploit. Festivalisation has seen not just a growth in the scale and number of festivals staged, but also an intensification, during the Fringe in particular, in the concentration of events in the Old Town. This cultural agglomeration effect has infused the economic and social ecosystem of the city centre, a finite space physically constrained by the historical legacy of its streets and buildings. While cities such as Manchester have repopulated their centres, Edinburgh's traditional mixed resident community in the centre has been hollowed by short-term lets, a fate shared by other attractive historic cities. A successful judicial review by the short-term let industry thwarted council plans to use planning and licensing powers to reclaim for permanent residence the thousands of homes lost to that industry. Similarly, purpose-built student accommodation has gobbled up scarce city centre sites, as well as land around the fringes of the centre. This form of development is not required to contribute affordable housing. In the office sector, prime rents were predicted (pre-Trump) to achieve a healthy increase by 2028, though demand for 1500 to 3000 square feet offices remains weak. In summary, what we are seeing across the city centre is polarisation and contestation. Edinburgh is fortunate in being an attractive location for investors, but it comes with a price – loss of affordable housing and pressure to commercialise public space and accommodate an ever increasing number of visitors in a confined historic area, while austerity rots the quality of the public realm. Civic campaigning against the commercialisation of public space, led by the Cockburn Association, saw the council row back on the takeover of Princes Street Gardens by the events industry. The Summer Sessions gigs have migrated to Ingleston, restoring tranquillity and public access to the gardens in August. Plans for a big wheel fairground attraction from July to January were rejected but show what may yet come. Might a sandy beach alongside a recreated Nor' Loch in Princes St Gardens generate more tourist income? The Cockburn Association is planning a civic workshop in the autumn to produce a medium-term vision for the city. Civic greenspace, heritage conservation and streetscape enhancement are essentials, but, above all, ways need to be found to replenish the stock of affordable housing. Professor Cliff Hague is past chairman of the Cockburn Association, Scotland's oldest independent conservation charity
Observer
11-04-2025
- Business
- Observer
Former Russian minister jailed for UK sanctions breaches
LONDON: A former governor appointed by Russian President Vladimir Putin in illegally annexed Crimea has been sentenced by a British court to 40 months' imprisonment for circumventing sanctions, in the first case of its kind. Dmitrii Ovsiannikov, once the governor of Sevastopol, was convicted of having tens of thousands of pounds transferred into his newly opened Halifax Bank of Scotland (HBOS) account by his wife, when he knew he was prohibited from doing so. Under the original asset freeze Ovsiannikov was not allowed to spend money even on basic necessities, and others were not permitted to assist him to do so. The case is the first prosecution in the UK regarding a breach of sanctions under the Russia Regulations 2019. These were imposed after the European Union sanctions ceased to have an effect in the UK post-Brexit. Ovsiannikov was found guilty at London's Southwark Crown Court on Wednesday of six out of seven counts of circumventing sanctions between February 2023 and January 2024. He was sentenced at the same court on Friday to 40 months' imprisonment for each count to be served concurrently. The total amount of time Ovsiannikov will serve was reduced by the 217 days he has spent on curfew, and he will spend up to half of his sentence in custody before he is released on licence. His brother Alexei Owsjanikow, 47, was sentenced to 15 months in prison suspended for the same amount of time after being convicted of two counts of circumventing sanctions by paying school fees of £41,027 ($53,700) for his sibling's children. Ovsiannikov's wife Ekaterina Ovsiannikova was cleared of four countsof circumventing sanctions by assisting with payments totalling £76,000 into her husband's Halifax account in February 2023. She sent him £1,000 and then a further three instalments of £25,000. Ovsiannikov waved to her after the sentence was handed out and she waved back and smiled. Ahead of sentencing, Rosemary Davidson, defending Ovsiannikov, told the judge that the entire family including the older children has been "de-banked" again after the press reported the conviction. "It's going to be a feature of their lives going forward", she said,adding that Dmitrii "has to live" with the fact this has significantly impacted "those nearest and dear to him". "That is also part of the consequences that he has to bear and continues to bear", she said. Sentencing the two men, Mrs Justice Cockerill said the "weight given" to the fact that the Russia-Ukraine war is ongoing "had to be fairly limited". She said their offending was on the "simple and candid end of the scale - a country mile from the kinds of structures seen in some fraud claims." The funds were transferred by family members into the Halifax bank account in Ovsiannikov's name and "no attempt was made to disguise"the payments, the judge added. The financial gain was "very limited indeed" and "each offence in the banking aspect related to no more than £25,000", she said. Addressing Owsjanikow, Mrs Justice Cockerill said there was "a clear motivation" to support the children as they transitioned to life in the UK and that was "plainly in the hearts of all those involved in this case". The offending was "well, rather than badly, intended in its dominant motive", she added. Putin appointed Ovsiannikov as the governor of Sevastopol in Crimea on July 28, 2016 in a "high-profile political appointment", the court previously heard. He took up the role two years after Russia illegally annexed theregion from Ukraine. - dpa
The Independent
11-04-2025
- Business
- The Independent
Former Russian minister jailed for UK sanctions breaches
A former governor appointed by Russian president Vladimir Putin in illegally annexed Crimea has been sentenced to 40 months' imprisonment for circumventing sanctions, in the first case of its kind. Dmitrii Ovsiannikov, once the governor of Sevastopol, was convicted of having tens of thousands of pounds transferred into a newly opened Halifax Bank of Scotland (HBOS) account by his wife, when he knew he was prohibited from doing so. Ovsiannikov had also served as the Russian Federation's deputy minister for industry and trade before he was dismissed and expelled from the ruling United Russia party in 2020. Under the original asset freeze Ovsiannikov was not allowed to spend money even on basic necessities, and others were not permitted to assist him to do so. Ovsiannikov was found guilty at Southwark Crown Court on Wednesday of six out of seven counts of circumventing sanctions between February 2023 and January 2024. He was sentenced at the same court on Friday to 40 months' imprisonment for each count to be served concurrently. The total amount of time Ovsiannikov will serve was reduced by the 217 days he has spent on curfew, and he will spend up to half of his sentence in custody before he is released on licence. His brother Alexei Owsjanikow, 47, was sentenced to 15 months in prison suspended for 15 months after being convicted of two counts of circumventing sanctions by paying school fees of £41,027 for his sibling's children. The case is the first prosecution in the UK regarding a breach of sanctions under the Russia Regulations 2019. Sentencing the two men, Mrs Justice Cockerill said that the 'weight given' to the fact that the Russia-Ukraine war is ongoing 'had to be fairly limited'. The maximum sentence for breaching the Russia Regulations 2019 is seven years' imprisonment. Ovsiannikov was wearing a blue jumper and Owsjanikow a light-coloured casual jacket and both brothers brought packed bags into the dock. The jury failed to reach a verdict on the charge that Ovsiannikov deliberately avoided sanctions by opening the Halifax account. His wife Ekaterina Ovsiannikova, who was in the public gallery on Friday, has been cleared of four counts of circumventing sanctions by assisting with payments totalling £76,000 to her husband in February 2023. Owsjanikow was cleared of a further three counts of breaching sanctions including buying a Mercedes-Benz worth £54,500 and arranging car insurance for Ovsiannikov.
Yahoo
11-04-2025
- Business
- Yahoo
Former Russian minister jailed for UK sanctions breaches
A former governor appointed by Russian president Vladimir Putin in illegally annexed Crimea has been sentenced to 40 months' imprisonment for circumventing sanctions, in the first case of its kind. Dmitrii Ovsiannikov, once the governor of Sevastopol, was convicted of having tens of thousands of pounds transferred into a newly opened Halifax Bank of Scotland (HBOS) account by his wife, when he knew he was prohibited from doing so. Ovsiannikov had also served as the Russian Federation's deputy minister for industry and trade before he was dismissed and expelled from the ruling United Russia party in 2020. Under the original asset freeze Ovsiannikov was not allowed to spend money even on basic necessities, and others were not permitted to assist him to do so. Ovsiannikov was found guilty at Southwark Crown Court on Wednesday of six out of seven counts of circumventing sanctions between February 2023 and January 2024. He was sentenced at the same court on Friday to 40 months' imprisonment for each count to be served concurrently. The total amount of time Ovsiannikov will serve was reduced by the 217 days he has spent on curfew, and he will spend up to half of his sentence in custody before he is released on licence. His brother Alexei Owsjanikow, 47, was sentenced to 15 months in prison suspended for 15 months after being convicted of two counts of circumventing sanctions by paying school fees of £41,027 for his sibling's children. The case is the first prosecution in the UK regarding a breach of sanctions under the Russia Regulations 2019. Sentencing the two men, Mrs Justice Cockerill said that the 'weight given' to the fact that the Russia-Ukraine war is ongoing 'had to be fairly limited'. The maximum sentence for breaching the Russia Regulations 2019 is seven years' imprisonment. Ovsiannikov was wearing a blue jumper and Owsjanikow a light-coloured casual jacket and both brothers brought packed bags into the dock. The jury failed to reach a verdict on the charge that Ovsiannikov deliberately avoided sanctions by opening the Halifax account. His wife Ekaterina Ovsiannikova, who was in the public gallery on Friday, has been cleared of four counts of circumventing sanctions by assisting with payments totalling £76,000 to her husband in February 2023. Owsjanikow was cleared of a further three counts of breaching sanctions including buying a Mercedes-Benz worth £54,500 and arranging car insurance for Ovsiannikov.
Yahoo
10-04-2025
- Business
- Yahoo
In first such case, Russia's ex-proxy in Crimea convicted of breaching UK sanctions
Dmitry Ovsiannikov, formerly a Russian-installed head of occupied Sevastopol in Crimea, was found guilty on April 9 of violating British sanctions in the first such ruling. A London court found the 48-year-old guilty of circumventing sanctions between February 2023 and January 2024 on six out of seven counts. Ovsiannikov has been accused of opening a Halifax Bank of Scotland (HBOS) account on or before February 2023 and having his wife, Ekaterina Ovsiannikova, transfer tens of thousands of pounds to it. His brother, Alexei Owsjanikow, was convicted of two counts of sanctions breach. Ovsiannikov was appointed as chief of the occupation administration in Sevastopol in 2017, the same year he was placed on the U.K. and EU sanctions lists. He held the post until 2019, when he resigned amid criticism of his work. The Russian official, who also previously served as a deputy trade minister before being dismissed and expelled from the ruling United Russia party in 2020, moved to London in 2023 and acquired a British passport despite existing sanctions. This marks the first prosecution case based on the U.K.'s Russian Regulations of 2019, the Guardian reported. The U.K. imposed targeted sanctions on Russia in coordination with other partners in 2014 in response to Moscow's illegal annexation of Crimea, further tightening the sanctions regime after the outbreak of the full-scale invasion of Ukraine in 2022. Over 1,700 individuals and 380 entities are sanctioned under the U.K.'s Russia regime as of 2025. Read also: 'Supporting Ukraine is America first' — Trump's spiritual advisor, Pastor Mark Burns We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
