Mr Gorbuntsov is now said to be in a stable condition although he remains critical.He is currently under armed guard and expected to remain that way.
The gunman is described as white. He fled the scene after the shooting. The Metropolitan police, Trident Gang Crime Command, are leading the investigation. Police are keeping tight lipped as to the whereabouts of Mr Gorbuntsov. Russian media have reported that the victim is in a coma.
The Russian media are have speculated that "Mr Gorbuntsov was a witness to a murder attempt on another Russian banker, Alexander Antonov, in Moscow in 2009." Their stance is that this was a professional contract hit not simply a robbery or amateur attack.
Aleksander Nekrassov, a former Kremlin advisor, told the BBC: "It looks like a contract hit to be honest because a sub-machine gun is not really a weapon that would be used by some amateur."What is important is that Mr Gorbuntsov has been saying publicly through his lawyer, which was in the papers in Russia, that he might actually know of people who might have been linked to this attempted assassination [on Mr Antonov], so we might conclude that it has some sort of a link on this attack on him. "Certain people were either trying to avenge or interfere with a criminal investigation. I think what we are seeing here is [the] strange ways that some of Russian businessmen carry out their deals, spilling over into Britain."
Mr Gorbuntsov is known to have previously owned banks in Russia and Moldova, according to the Russian media.