Latest news with #RussianOligarchs
News.com.au
20-05-2025
- Business
- News.com.au
Finland using seized Russian assets to arm Ukraine defence forces
Finland has sent a warning shot to Russian oligarchs as it ramps up its support of Ukraine in the now three-year-long war. Finland has stood firm supporting the embattled nation since Vladimir Putin's invasion and has linked arms with several other EU members and Western allies in supplying aid. The nation joined NATO in 2023 and signed a bilateral defence pact with Ukraine to expand cooperation on intelligence, armaments, and training, providing a whopping $5.79 billion in support. But now, the funding for arms is coming from a place that hits Putin where it hurts. The Finnish government has now announced it will send €90 million (A$101 million) worth of ammunition to Ukraine, drawing directly from proceeds generated by Russian financial assets frozen by the European Union. The Finnish defence ministry confirmed the move on Monday. The European Union is currently holding an estimated $210 billion of the roughly $300 billion in Russian assets frozen across the bloc. Much of this is tied up in government bonds and reserves once held by Russia's central bank. In a shift last year, the European Commission approved using profits earned from these assets to bolster Kyiv's military through an EU-administered fund. 'We were able to negotiate additional funding for Finland's support for Ukraine,' said Defence Minister Antti Häkkänen. 'The products are purchased from Finnish industry to boost employment at home and sent to Ukraine to help its defence. I am very pleased with the outcome.' The Kremlin has yet to respond to the announcement, though it has consistently condemned similar gestures as violations of property rights and international law. Calls for Russian money to rebuild Ukraine Last year, a group of former politicians, academics, ambassadors and doctors called on the Australian federal government to redirect $9bn of frozen Russian assets to rebuild Ukraine. Russian oligarchs' 'dirty money' being held in Australia should also pursued, 26 signatories said in the letter. Signatories included former Prime Minister John Howard, former Russian ambassador Robert Tyson, former Foreign Affairs Minister Marise Payne, various academics, a reverend and former Prime Minister Tony Abbott. While Australia has no legal mechanism for seizing frozen assets, the signatories say Canada, Belgium and the EU have found artful ways to redirect those frozen assets. The signatories say in the letter, addressed to Treasurer Jim Chalmers, the Russian central bank has about USD$300bn of frozen assets in the West, including about AUD$9bn in Australia. The signatories want the Russian assets diverted to rebuilding Ukraine, a confirmation of how much and what type of assets are being held in Australia, and legislative change 'to ensure that Russian assets held here can be utilised to support Ukraine'. 'We make this plea because Australia can punch well above its weight at no cost to the Australian taxpayer,' they said in the letter. 'Nine billion dollars … would effectively fund the reconstruction of half of Ukraine's educational infrastructure.' A Department of Foreign Affairs and Trade spokesperson said Australia had sanctioned 1200 people and entities in response to Russia's invasion of Ukraine, and cut trade with Russia to 'negligible' levels. 'Australia's goal is to empower Ukraine to end the war on its terms. We will continue to provide targeted assistance to Ukraine to impose costs on Russia,' the spokesperson said.
Telegraph
20-05-2025
- Business
- Telegraph
British courts flooded with record number of Russian lawsuits
Britain's legal system was inundated with an influx of Russian cases last year as City law firms softened their stance against acting for some of the country's oligarchs. The High Court saw a record 60 cases involving Russian companies and individuals in the 12 months to March 2025, up from just 27 in the previous year, according to figures collated by Portland Communications. Experts said the surge likely includes many cases that were delayed or postponed because of sanctions in the wake of Russia's invasion of Ukraine in February 2022. The latest figures also revealed 80pc of the Russians involved in High Court cases last year were represented by British lawyers, compared to just 30pc in the year prior. The situation suggests law firms are now more willing to work for Russian clients than they were in the immediate aftermath of Russia's invasion, the report says. Lawyers are now taking a more 'nuanced' approach to working with Russian clients, the report said, adding that City law firms now appear less willing to 'over comply'. The British Government's decision to lift the cap on the sums of money sanctioned individuals are allowed to pay out in legal fees, from £500,000 to £2m, has also let Russian clients bring forward more 'heavyweight commercial disputes'. Ziyavudin Magomedov, a jailed Russian oligarch, was one of the many Russians litigating in London last year, as he has sued a whole host of companies over claims that he was subject to a Kremlin-led plot to seize ports that he owned. 'The data suggests a strong presence of Russian high-net-worth individuals seeking resolution in London,' the report says. Of the cases linked to Russian parties, 32 involved Russian companies while 27 were related to Russian individuals. By contrast, just 320 of all cases in the High Court involved individuals last year, compared to 1,025 involving companies. All in all, 93 nationalities were represented in Britain's High Court last year, the research showed, with British claimants the most commonly represented, ahead of Emiratis, Americans, Russians and Cypriots.
