Russian displays of wealth in London may be just bluster

[NEW YORK] Russian listings on the London Stock Exchange; Russians buying multimillion-dollar homes in Chelsea, on streets called Billionaires' Row; Russian children in Britain's most exclusive schools, while their parents shop at Harrods and Asprey; Russians running soccer clubs and newspapers and cellars that sell some of the world's most expensive wines.

All are purported evidence of a London so in thrall to Russian money that Britain should think twice before agreeing to any ratcheting up of the limited economic sanctions the EU and the United States have imposed since Russia's annexation of Crimea. The worry is that London, as a global financial centre, might suffer disproportionate collateral damage.

But the data suggest otherwise.