3.5b - Russian Oligarchs Flashcards
What is an oligarch
Business owners who acquired commodity-firms in post-Soviet Russia
What does oligarch mean
A Greek term – political and economic power
What is londongrad
A name for wealthy parts of London where Russian business owners have brought property for their children / families to get a British education / secure pension base
Describe the russian elite
- Rich migrants to benefit from UK institutions – e.g. total of bonds and loans raised by Russian business in London between 2004 and 2013 was over £250 billion
- UK banks charge fees of up to 3%of the amount borrowed.
Assess the presence of russian oligarchs in London
- Russian international investments in London is sizeable £27bn)
- It only accounts for 0.5% of total international assets in London.
- Russia only account for 1% of UK financial services
- So… does it matter if London imposes greater sanctions on Russia?
- What about fears of the Russian mafia?
State an example of mass low wage migration EU
- willing to work for low wages/long hours/dangerous conditions
- moved after Eu enlargement in 2004
- live in cheaper outskirts of London
- recruited and transported over
- sned remittances back to home country
- live in existing polish communities
What are the accession 8 countries
estonia, latvia, lithuania, poland, czech republic, hungary, solvenia, slovakia
How have the mass low wage migrants benefitted slough (5)
- Promotes tolerance different groups and connects them together
- Economic boost – e.g. Polish have contributed 3x the cost
- Skilled and qualified workforce
- Increased cultural diversity – e.g. Indian restaurants / Chinese herbal medicine / different types of music
- Young – they have children and helps with ageing population
How do polish come to UK
- Large network of airport with Low-cost carriers like WizzAir and RyanAir
- most visitors are seasonal, staying 6 months for agricultural work
Define the international elite
- musicians and dancers
- film stars and directors
- writers, academics and artists
- sportsmen/womens
- computer programmers and designers
- health professionals
State 6 characteristics of russian oligarchs
brought russina commodities industries to generatre huge wealth
- living in london means a london lifestyle
- buy significant assets in the UK
- buying expensive property in London
- moved after collapse of USSR
- permanent residents in London
Why are the polish moving to slough
- Jobs - Unemployment rate of 18.2%, highest in all OECD (2005), and even higher in rural areas (40%). NB UK was 5%.
Earn 4-5x the pay as you do in Poland - Only UK / Ireland / Sweden allowed in
- English is the second language
