There was a very illuminating comment last week (6 Mar) at the Fake News inquiry by the Commons committee for Digital, Media, Culture & Sport. My bolding.
data.parliament.uk/writtenevidence/committeeevidence.svc/evidencedocument/digital-culture-media-and-sport-committee/fake-news/oral/79824.html
Edward Lucas: [...] We need to protect ourselves better; that’s one element of it. We need to try and constrain Russia—make Russia pay a price for doing things we don’t like. We need to try to engage with Russia on some things and deliver very tough messages to them. We need to build up our resilience, and we need to try and find the next generation of people in Russia who may be in charge and see if we can talk to them.
However, I think the key thing we’ve got to do, and this is something that’s very close to both Bill’s heart and mine, is that we’ve got to understand that we can’t put prosperity ahead of security any more. If we think that only money matters, then we’re defenceless when people attack us using money. For 20-something years we’ve treated Russia just as an emerging economy, and these things as some political bumps in the road, thinking that nothing should get in the way of trade and investment. And the result is that dirty Russian money has flooded into the City; it’s flooded into the London real estate market, and it’s flooded into all sorts of other places .
That has created lobbies in this country who are extremely unhappy at the thought of relations with Russia going downhill, and you get those lobbies exercising power in all the political parties. So we’ve made it much more difficult for ourselves to constrain Putin on what is fundamentally his biggest weakness—$800 billion, which the Americans reckon is the amount of state-related Russian assets abroad, with $300 billion of them in America and the rest elsewhere.
As Bill has been so admirably campaigning for, we should be freezing and seizing and using that as a way of exerting pressure on Russia. But we don’t, because as soon as you try that you get very rich, influential people in our system coming along and saying, “Hang on a moment, that’s my business. I sell luxury flats to Russians. Don’t get in my way.” Unfortunately these big City law firms—big American law firms—are playing this scandalous role of laundering Russian money behind attorney-client privilege. We have a great deal of house cleaning to do, I’m afraid.