Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Russians bring undeclared cash to UK real estate

by Anadolu Agency

LONDON Mar 16, 2015 - 12:00 am GMT+3
by Anadolu Agency Mar 16, 2015 12:00 am
Undeclared Russian capital is increasingly flowing into the U.K. real estate market as sanctions weigh on the Russian economy, Deutsche Bank strategist Robin Winkler said yesterday. Speaking in an exclusive interview, Winkler said that in recent months, nearly 1 billion pounds per month of unmonitored funds are invested in the U.K. "A lot of that money goes into the housing market, especially the London housing market. These transactions are not recorded by the tax authorities, they are bringing cash in suitcases," Winkler said. "Unfortunately, the money bypasses the banks. It goes through offshore financial services; mailbox companies, etc. Not all the funds are derived from criminal activities. It's just difficult to trace back," Winkler said.

Russians show great interest in the luxury real estate market, Winkler said. Economic sanctions on their country have forced Russians to take their capital out of the country, with little concern for U.K. regulators. "Some of it is black money, some of it just unrecorded for purely technical reasons. Regulators are aware that it is difficult to gather the data on a regular basis." Winkler noted.

Last year, tumbling oil prices, one of most central pillars of the Russian economy, and challenging sanctions imposed by the West over the Ukraine conflict, hit the country's economy and the ruble declined by 50 percent against the dollar. "The ruble was devalued quite a lot, probably there is a high demand to hold some assets that could be quickly converted to other currencies," Winkler said. Experts believe that Russian capital share in the flow of undeclared funds to U.K. markets is around 40 percent. Transparency International UK has said that 36,000 London properties are owned by hidden companies registered in offshore havens, and that London authorities are responsible, as they do not impose the needed regulation.
  • shortlink copied
  • Last Update: Mar 16, 2015 8:12 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    World rallies for Ukraine against Russian invasion
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021