The “Red Square” in London, in the spotlight: what is the luxurious English quarter in which the mansions of the Russian oligarchs reign

It is known, in recent decades England has become a hot spot for Russian oligarchs. Many are attracted to the English capital by its abundance of luxury real estate, as well as the city's hospitals and private schools, as noted by Bloomberg.

And one of the neighborhoods chosen by these millionaires, many of them sanctioned after Vladimir Putin's invasion of Ukraine, is Eaton Square Gardens, in the central district of Belgravia, in London, and very close to Buckingham Palace. The area is also known as “Red Square” and houses there are no less than 10 million pounds worth. It's three blocks of imposing beauty.

According to a report in a 2021 report by Knight Frank, quoted by Business Insider, England's capital has 870 billion aires, more than any other city in the world. And more than 60 billionaires also live there, with net worth of more than $1 billion each, and a total wealth of more than 30 billion, according to Forbes magazine. Many of the members of this select group are Russian oligarchs, such as Roman Abramovich and Oleg Deripaska, and also for younger entrepreneurs in that country, especially in the technology sector. Andrey Goncharenko, president of Gazprom, also owned a property there.

And they're neighbors at Eaton Square Gardens. The neighborhood impresses with the luxury of its properties. “Eaton Square was once the most expensive street in the UK, according to a survey by Lloyds Bank, which cited The Guardian. It was also described as the “most desired direction” in London. The neighborhood is known for its neoclassical residences, which have become synonymous with London's 'Old Money' elite,” Business Insider explained.

Margaret Thatcher, Sean Connery, Kate Winslet, Elton John and three Prime Ministers of the United Kingdom lived in the area.

England encouraged the arrival of Russian magnates years ago when it granted special visas for those who invested more than 2 million pounds sterling. That scheme was ruled out after the invasion and the country sanctioned Russian oligarchs — such as Gennady Timchenko, Boris Rotenberg and Igor Rotenberg, with interests in the energy and infrastructure sector — as well as several banks.

Today, meanwhile, the British government imposed more trade sanctions against Russia in response to its invasion of Ukraine, which include punitive tariffs on products such as vodka and the ban on the export of luxury goods. And the European Union plans to sanction Abramovich as part of the new sanctions package coordinated with the G7 against Russia.

Squatters in Eaton

Yesterday, a group of squatters took over in Eaton Square the mansion that belongs to one of the Russian oligarchs sanctioned by the British Government for his ties to the Kremlin.

The occupants of the luxurious property hung Ukrainian flags and posters with messages such as: “This property has been released.” According to local media, the seven-bedroom house is believed to belong to tycoon Oleg Deripaska, Putin's close ally.

“By occupying this mansion, we want to show solidarity with the Ukrainians, but also that with the Russians who have never agreed to this madness,” say the squatters, who defined themselves as anarchists.

Deripaska, founder of metals and hydropower company EN+, has been subject to US sanctions since 2018 as a result of his close relationship with Putin. The occupied dwelling, which has a movie theater, a gym and a Turkish sauna, was purchased through Ravello Limited, an offshore company in the Virgin Islands. The National Crime Agency (NCA) requested the freezing of the assets of five bank accounts in the name of the oligarch following the invasion of Ukraine by Russian troops.

The squatters told local media that their act is intended to “do the job” of British Interior Minister Priti Patel, whom they asked to send Ukrainian refugees to live on that property.

With information from Bloomberg and EFE

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