Clampdown on Russian–owned London homes

PHOTO: Eaton Square, in Belgravia, has been nicknamed ‘Red Square’

Sanctions on Russian-owned property in London could see “substantial” amount of money leaving the UK but will have little impact on house prices for ordinary people, an Eastern Europe expert has said – and could even make buying a house easier.

Professor Mark Galeotti from UCL’s School of Slavonic & East European Studies, was speaking after Russia launched a “full-on invasion” of Ukraine on Wednesday night. Russian oligarchs and business people own billions of pounds worth of property in London, and could be targeted as part of additional sanctions on Vladimir Putin’s regime and his associates.

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Eaton Square, in Belgravia, for example, has been nicknamed ‘Red Square’ due to the amount of Russian-owned property there. Chelsea FC owner Roman Abramovich bought a £28million house there in 2003.

Prof Galleotti told MyLondon he would be “surprised” if property sanctions had any impact on ordinary home owners. He said: “We’re talking about people coming in with huge amounts of money, buying obscenely expensive properties in London.

**Black smoke rises from a military airport in Chuguyev near Kharkiv this morning, as Russia launches its invasion of Ukraine (Image: Photo by ARIS MESSINIS/AFP via Getty Images)**

“They’re not buying a three bed semi here. It might mean those looking for a nine bed penthouse in Kensington might have more options as Russians move out. It won’t affect us mortals.”