Vladimir Putin's business ombudsman has revealed a list of names of Russian oligarchs exiled in London who would like to return to their country without fear of facing charges.

But the names of 16 businessmen revealed by Boris Titov has been dismissed by one prominent Russian businessman who says it is unlikely that his wealthy countrymen will believe any promises made that they would not be arrested.

Russian banker and opposition activist Vladimir Ashurkov told the Telegraph that the initiative by Titov, who is also registered as a candidate in the presidential election in March, was a "farce".

"If it would be possible for somebody like Titov to affect the closing of their case, it would not be hard to reopen their case once they were in Russia," he told the paper.

He said that he did not want to take part in the initiative which would "make showcases of people returning from the UK to Russia". Titov met with the Russian businessmen on Saturday in London.

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Vladimir Putin. MICHAEL KLIMENTYEV/AFP/Getty Images

Anatoly Loktionov, former vice-president of state oil giant Rosneft, and Mikhail Shamanov, owner of a tour operator, said they had put their names on the list and deny charges that they face of embezzlement and fraud.

But another Russian businessman Alexei Shmatko, who also faces embezzlement charges, told the news outlet the Bell that "Those wanting to leave London for Russia are few".

Also on the list are Anatoly Loktionov, former vice-president of state oil giant Rosneft, and Mikhail Shamanov, owner of a tour operator. They told the independent Russian news site The Bell they wanted to move back to Russia although they face embezzlement and fraud charges which they deny.

British security minister Ben Wallace has announced tough measures to crack down on criminals and corrupt politicians, like those portrayed in the hit TV series McMafia.