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John McDonnell is urging the government to clamp down on Russian tax dodgers.

The Shadow Chancellor unveiled a five-point plan to tighten up the rules that could net the Treasury £1billion.

He said: “We need less empty rhetoric and more action from the top of Government to strengthen any financial sanctions we impose on Russia.

"If we want to take the fight to the gangster politicians and Russian elites hiding money in the UK, then we need serious measures like the ‘Oligarch Levy’, which will hit them where it hurts – in their wallets.”

Mr McDonnell wants the Chancellor to introduce an Offshore Company Property Levy, which was proposed in Labour’s manifesto during last year’s General Election.

It would work as a charge against purchases of residential property by offshore trusts located in known tax havens and experts estimate it could raise up to £875million a year from Russian oligarch sources, given the estimates of “suspicious wealth” holdings in the UK.