The United Kingdom will immediately stop issuing visas to people who invest at least 2 million pounds in the country.
The measure is intended to combat fraud and illegal financing, Interior Minister Priti Patel announced.
British media had previously reported that the government would scrap the so-called “gold visa” program due to Russia’s threat to Ukraine. That has in the past lured many wealthy Russians to the UK.
The British government took another look at who has benefited from the scheme and decided to end it. “This is just the beginning of our renewed crackdown on fraud and illegal financing,” Patel tweeted.