Kleptocracy hunt: UK to go after Putin's London assets worth millions of pounds

The Russia and Ukraine conflict is raging. Russia is facing global isolation and an economic crisis with Western allies putting multiple sanctions on the country and big brands refusing to do business due to Russia's action during the Ukraine invasion.

The ongoing conflict has led to a massive loss of lives including children, with the death toll rising every day. The crisis also caused the destruction of property as Russia continues shelling and bombing Ukrainian cities.

The US and other NATO allies are calling for a ceasefire and diplomatic dialogues. They are also putting sanctions on Russia and Russians, expecting that Russian President Vladimir Putin will end the conflict.

Meanwhile, a report published by Sputnik stated that the UK National Crime Agency (NCA) will cooperate with the country's intelligence services to identify assets that are allegedly kept by Putin and his associates in London.

A report by Telegraph on Wednesday (March 16) noted citing NCA sources that personal assets of Putin worth millions of dollars are stashed in London and the agency will work with MI5, MI6 and GCHQ agencies toattempt to track it down.

A source told the newspaper, "There are people working there now. This is what the 'kleptocracy' team will devote its time to. The unit will track down Putin's money and that of his cronies."

As per the paper, the probe into assets will not be simple and will also include Belarusian money in the UK. "We will use all legislative options and tactics available to the agency to prosecute corrupt elites who launder their assets in the UK," an NCA spokesperson said as quoted by the paper.

History books have noted that the growth of London as a centre for financial and professional services coincided with the collapse of the USSR and the rise of post-Soviet 'kleptocracies' in the 1990s.

These states and their elites have since become a major source of clients for UK-based services firms and investors in UK assets.

After Putin ordered "military operations" in Ukraine on February 24, Britain imposed sanctions to freeze the assets of the Russian President and country's Foreign Minister Sergei Lavrov.

According to the UK sanctions list, Lavrov was a key decision-maker in Russia's government.

Meanwhile, Maria Zakharova, who is Russia's Foreign Minister's spokeswoman said that neither Putin nor Lavrov had assets in the UK or anywhere else abroad.

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