With eyes on 'Londongrad,' UK seeks to overhaul ties to Russian oligarchs

For decades London has been a hub for Russian money with links to the Kremlin. After a wave of sanctions - is it enough to challenge their influence?

LONDON and WASHINGTON -- To Daria Kaleniuk, a Ukrainian anti-corruption activist, Russian President Vladimir Putin "has two armies."

"One is visible and obvious, it operates in Ukraine," Kaleniuk said Wednesday during a congressional hearing in Washington. "But another army is invisible."

As Ukrainian forces fight to defend their country from Russia's protracted invasion, experts say a second battle is being waged in London. In the 22 years since Putin swept into power, many in Russia's billionaire class have gone abroad. Critics say in many cases it is to launder their money and reputation, finding a home in friendly real estate markets and cultural hubs. Now, the wealth they've amassed abroad has come under great scrutiny.

According to the anti-corruption NGO Transparency International, at least £1.5 billion ($1.9 billion) worth of U.K. property is owned by Russians with links to the Kremlin or those suspected of financial crime. Due to the prevalence of opaque, offshore companies, the true scale of illicit wealth is likely far higher, hence the capital city's nickname in some quarters: "Londongrad."