Manhattan borough president Mark Levine has said that New York should seize properties belonging to Russian oligarchs, following Russia’s invasion of Ukraine.
“For years Manhattan has been one of the most popular safe harbours for Russian oligarchs to park their cash, especially via ultra-high-end apartments,” tweeted Mr Levine. “It’s time to start seizing their properties. #SupportUkraine.”
London Mayor Sadiq Khan has made similar requests. In recent days he’s demanded the seizure of property assets held by allies of Vladimir Putin. Transparency International estimates that oligarchs real estate in the UK capital is estimated to be worth £1.1bn.
“For far too long ministers have turned a blind eye to the use of our capital’s homes as a safe harbour for oligarchs to park their cash, which is having a negative impact on both our international reputation and our local housing market,” said Mr Khan. “Now is the time to act.”