Various authors have investigated the problem of light deflection by radially moving gravitational lenses, but the results presented so far do not appear to agree on the expected deflection angles. Some publications claim a scaling of deflection angles with $1\ensuremath{-}v$ to first order in the radial lens velocity $v,$ while others obtained a scaling with $1\ensuremath{-}2v.$ In this paper we generalize the calculations for arbitrary lens velocities and show that the first result is the correct one. We discuss the seeming inconsistency of relativistic light deflection with the classical picture of moving test particles by generalizing the lens effect to test particles of arbitrary velocity, including light as a limiting case. We show that the effect of radial motion of the lens is very different for slowly moving test particles and light and that a critical test particle velocity exists for which the motion of the lens has no effect on the deflection angle to first order. An interesting and not immediately intuitive result is obtained in the limit of a highly relativistic motion of the lens towards the observer, where the deflection angle of light reduces to zero. This phenomenon is elucidated in terms of moving refractive media. Furthermore, we discuss the dragging of inertial frames in the field of a moving lens and the corresponding Lense-Thirring precession, in order to shed more light on the geometrical effects in the surroundings of a moving mass. In a second part we discuss the effect of transversal motion on the observed redshift of lensed sources. We demonstrate how a simple kinematic calculation explains the effects for arbitrary velocities of the lens and test particles. Additionally we include the transversal motion of the source and observer to show that all three velocities can be combined into an effective relative transversal velocity similar to the approach used in microlensing studies.
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