Russia's Business in London Stalled by Sanctions

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March 19 (Bloomberg) -- Bloomberg’s Matthew Campbell reports on sanctions against Russia on Bloomberg Television's “Bloomberg Surveillance.” (Source: Bloomberg)

As well.

Sports teams across the continent.

Is this is london especially vulnerable?

London is not an exaggeration to say the business capital of russia.

When you have a lot of money, as a lot of these russian oligarchs do, you need to invest it.

You need to find lawyers, accountants, bankers to advise you.

And they have come to london.

They feel protected in the u.k. rather than in russia.

Specifically, what kind of this mess has been interrupted by the crisis in ukraine?

There have been a couple of initial public offerings that seemed to have been shelved.

One by a retailer which has put off its ipo.

Another the which is a pretty well known german retailer, was going to float its russian retail business.

Late yesterday, that was shelved.

Companies looking to come to the public markets, work that would largely be done in london, are saying, we're going to hold off.

We saw dave and karen 1 -- we saw david cameron.

Does he greet the oligarchs?

Well, this is a very complex relationship.

The british government is in a tough spot.

On the one hand, they don't want to jeopardize the city of london, which is an enormous driver of prince economy, the financial sector.

-- britain economy, the financial sector.

But they have to stand up to president putin.

It is a balancing act.

:, germany particular, have very significant trading relationships with russia and there will be cautious as well.

Do you get the sense when you're reporting and speaking to people that russians need the city of london more or does the city of london the these russian oligarchs and their business more?

Very good question.

It is a symbiotic relationship.

A term i can't say i coined.


On a whole, the russians in london more because there are not a lot of options for them for a place to service his enormous wealth.

They don't, for the most part, come to the u.s. largely because they don't like the irs much.

Russian speakers, they don't have the knowledge.

Unemployment is 7.2%, which is flat with the previous month.

This is part of the problem with britain as a whole, which is there really are two economies.

There is london and london being driven by the financial sector.

In the second part, there are big problems in the u.k.. traditionally, the country is been able to lead on the financial sector, which is such a dynamo.

What the russian crisis threatens, some of the work that comes in to that hub.

Thank you so much, matthew campbell from london.

Sticking with the british

This text has been automatically generated. It may not be 100% accurate.


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