United Kingdom Imposes First Tranche of Sanctions on Russian Banks and High Net-Worth Individuals

Today, the United Kingdom imposed sanctions on five Russian banks and three Russian oligarchs in response to the situation in eastern Ukraine. The sanctions were imposed pursuant to recently strengthened sanctions authority that gives the U.K. government broad authority to impose Russia-related sanctions measures. Today’s action applies asset freeze sanctions against the following banks and individuals:

Bank Rossiya
Black Sea Bank For Development And Reconstruction
Joint Stock Company Genbank
IS Bank
Public Joint Stock Company Promsvyazbank
Gennadiy Nikolayevich Timchenko
Boris Romanovich Rotenberg
Igor Arkadyevich Rotenberg

With the exception of Promsvyazbank, the above parties were already subject to U.S. blocking sanctions. Further U.K. sanctions are likely in response to the evolving situation in Ukraine.