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UK Sanctions on Russia & Russians

On the 25th of February, 2022, the world awoke to an event unheard of since the second World War --- an invasion of a sovereign nation by another. While Russia’s dreams of rebuilding a union not dissimilar to the USSR, and her discomfort with the increasing influence that NATO had over neighbouring nations is well-known, no one had imagined that an invasion of Ukraine would happen. However, it did. And the unparalleled atrocities and war crimes committed by Russia have left millions homeless within a short period of a few months. The response of the Western world has also been swift and decisive. Though the efforts to avoid an all-out, possibly nuclear, confrontation has been foremost on the minds of the world leaders, concrete steps have been taken by the USA, the UK and the countries in the EU in particular in an attempt to cripple the Russian economy into surrendering. The sanctions imposed on Russia have been extraordinarily all-encompassing. The following people and organizations have been sanctioned

Denis Bortnikov A deputy president of VTB Bank and chair of its management board. Son of Aleksandr Bortnikov, the director of the Federal Security Service (FSB), who has been on the sanctions list since March 2021.

Petr Fradkov Chair and chief executive of Promsvyazbank, he is also the son of Mikhail Fradkov, a former prime minister of Russia and former director of the Foreign Intelligence Service (SVR).

Elena Georgieva Chair of Novikombank, a subsidiary of the major Russian state-backed defence business Rostec.

Valery Gerasimov Chief of the Russian armed forces. He was blacklisted by the EU in 2014.

Sergei Lavrov Russia’s long-serving foreign minister, in post since February 2004. The entry states he is sanctioned for attempts to “threaten the territorial integrity, sovereignty or independence of Ukraine”.

Vladimir Putin President of the Russian Federation. The entry states he is sanctioned for having “ordered Russian military forces to launch an invasion of Ukraine, undermining and threatening the territorial integrity, sovereignty or independence of Ukraine”.

Boris Rotenberg A co-owner of SMP Bank, which is linked to the energy firm Gazprom, Rotenberg is described as having “close personal ties” to Putin, a friend since childhood when they trained in judo together.

Igor Rotenberg A nephew of Boris who also has close ties to Putin. He controls transport businesses and has also been linked to Gazprom.

Kirill Shamalov Russia’s youngest billionaire and Vladimir Putin’s former son-in-law. He is a shareholder and director of the petrochemical firm Sibur.


Kirill Shamalov is Russia’s youngest billionaire. Photograph: Sergei Karpukhin/Reuters

Yuri Slyusar Head of United Aircraft Corporation, a major supplier to Russia’s military and a key figure in its defence sector.

Gennady Timchenko The 69-year-old billionaire friend of Russia’s president owns the private investment firm Volga Group, which has holdings in energy, transport, infrastructure and financial services.

Politicians The UK government also said it would sanction those members of the Russian parliament, the Duma, and Federation Council who voted to recognise the independence of Donetsk and Luhansk.

Banks The Black Sea Bank A Crimea-based bank that was set up immediately after Russia’s annexation of the region in 2014. The UK government says its operations had consolidated Crimea into the Russian Federation through the financial system.

IS Bank The Moscow-based bank’s development has been “directly tied” to the annexation of Crimea, according to the UK, where it has operated after Ukrainian banks were stopped from doing business.

GenBank A Moscow-headquartered financial institution that operates extensively in Crimea.

Promsvyazbank A Russian state-owned bank with the main role of financing defence projects, including nearly 70% of state contracts signed by the Russian defence ministry.

Rossiya Bank A St Petersburg-based bank owned by a group of billionaires with close links to Putin. It has a stake in National Media Group, which owns TV stations that the UK government says promote the Russian government’s policies and has benefited from expansion in Crimea since the region was annexed by Russia in 2014.


Pigeons by the head office of VTB Bank. Photograph: Artyom Geodakyan/Tass

VTB Bank Russia’s second-largest bank, VTB is majority-owned by the state, with interests in banking assets across eastern Europe.

Sberbank Russia’s biggest bank has a significant role in financing Russian companies, including those listed on the London Stock Exchange. The government highlighted the Russian government’s controlling share and said it was a “highly significant entity”.

VEB.RF Founded as Vnesheconombank, Russia’s state-run national development bank also acts as a payment agent to a range of entities in sectors of strategic significance, the UK government said.

Bank Otkritie Russia’s eighth-largest bank, has been owned by the central bank since 2017 following a bailout. The Russian government had reportedly been considering a stock market float for the company, a prospect that is now unlikely.

Sovcombank The third-largest privately owned bank, with 2,300 offices and 17,000 employees, according to its website. The UK government said it had received financing from the Russian Direct Investment Fund.


Companies

JSC Research A Russian state-owned group that produces military equipment, particularly tanks, for the country’s armed forces.

United Aircraft Corporation A state-owned group that controls all Russia’s major aircraft manufacturing companies and is a major supplier of aircraft to its military.

Rostec A state-owned conglomerate that invests in defence and technology including weaponry and aviation components.

Tactical Missiles Corporation One of the most prominent manufacturers of missiles in Russia, specialising in aircraft and naval armaments. It recently announced it was developing seaborne weapons, and was involved in developing coastal defence missile systems in Crimea.

United Shipbuilding Corporation The largest shipbuilder in Russia, it repairs, maintains and builds craft including several frigates and other warship classes that have been deployed in Crimea and carried out drills in the Black Sea last year.


The Pyotr Morgunov large landing ship at the Yantar shipyard, part of the United Shipbuilding Corporation. Photograph: Vitaly Nevar/Tass

UralVagonZavod A state-owned company which produces military equipment, particularly tanks, for the Russian armed forces. It is one of the largest tank manufacturers in the world, according to the UK government.






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