UK Sanctions Russian Banks, Oligarchs in Response to Troop Movement
U.K. Prime Minister Boris Johnson announced the sanctions on five Russian banks and three oligarchs in a Feb. 22 statement to Parliament as a response to Russia's recognition of what he termed the "supposed independence" of two regions of Ukraine.…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Russia entered forces into these two regions -- Donetsk and Luhansk -- describing the forces as "peacekeepers." Johnson said the U.K. sanctioned IS Bank, Bank Rossiya, Promsvyazbank, Genbank and Black Sea Bank for Development and Reconstruction. Additionally, oligarchs Gennadiy Timchenko, Boris Rotenberg and Igor Rotenberg will be subject to the U.K.'s restrictive measures. "This is the first tranche, the first barrage, of what we are prepared to do: we will hold further sanctions at readiness, to be deployed alongside the United States and the European Union if the situation escalates still further," Johnson said.