More than a year on from the invasion of Ukraine, sanctions imposed on Putin’s funders and friends are proving ineffective. In spite of the UK sanctions list swelling, it has failed to stop the flow of Russian money, as designated persons continue to find ways around the restrictions imposed by UK and EU.
Coordinated efforts
The sanctions imposed on Putin’s enablers are similar to those introduced by the Global Magnitsky legislation, designed to stamp out corruption and human rights abuses. Magnitsky sanctions are intended to apply pressure on regimes while maintaining diplomatic channels of communication by targeting individuals and related entities as opposed to sanctioning the entire regime.
Following a steadfast campaign by business entrepreneur Bill Browder, in 2016 the US adopted the first Global Magnitsky Human Rights Accountability Act, and in recent years other countries, including the UK, have followed suit.
In a coordinated effort by the US
