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Hello and welcome to Coffee House Shots. I'm Kate Andrews, the Spectator's Economics Editor, and I'm joined by our editor, Fraser Nelson,

and our political editor, James Forsyth.

So a lot of news at home and abroad, James.

Let's start at home.

Roman Abranovitch has been officially sanctioned billionaire many times over and owner of

Chelsea Football Club. What does this mean for him, for Chelsea, and what does this signal to

other Russian oligarchs? I think this is symbolically important because Roma Abramovich buying

Chelsea was kind of summed up the way in which Russian money was flowing into London and changing British life.

Like a small club in London suddenly became the dominant force in English football for a few years.

And that was basically because of his money.

I think it also sums up one of the questions about these people,

which is there's always been a debate whether Abramovich bought Chelsea almost as a kind of insurance policy.

You know, that lots of oligarchs fell out of Putin and came to uncomfortable ends.

You know, some people said, oh, look, Abramovich bought this as an insurance against that.

I think what this shows and the UK decision to sanction him is how close Abramovich remains to Putin.

And I think it is also, you know, the UK government begins to try and play catch-up in terms of sanctioning individual oligarchs,

which has been far less effective than the US and the EU on that. Despite, I think, on the structural

sanctions, for example, things like cutting Russian banks off from Swift, the UK having been out front.

Fraser, on that point, a lot of people have been very critical of the UK government for not going

hard enough on individuals and when it comes to sanctions. Do you think Abramovich signals that we're going to see a change on that, or is this a one-off

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