Britain sanctions five Russian banks, three high-net worth individuals


Table of Contents



Britain on Tuesday slapped sanctions on five Russian banks and three men, including Gennady Timchenko, who have close links to after the Kremlin chief ordered the deployment of troops to two breakaway regions in eastern


said Russia was heading towards “pariah status” and that the world must now brace for the next stage of Putin’s plan, saying that the Kremlin was laying the ground for a full-scale invasion of





Britain has threatened to cut off Russian companies’ access to U.S. dollars and British pounds, blocking them from raising capital in London and to expose what Johnson calls the “Russian doll” of property and company ownership.


Johnson told parliament that five banks – Rossiya, IS Bank, GenBank, Promsvyazbank and the Black Sea Bank – were being sanctioned, along with three people – Timchenko, Igor Rotenberg and Boris Rotenberg.


“This is the first tranche, the first barrage of what we are prepared to do,” Johnson said.


“Any assets they hold in the UK will be frozen and the individuals concerned will be banned from travelling here,” Johnson said of the individuals being sanctioned.


Some British lawmakers asked Johnson to be tougher on Russian money, even demanding that Russian oligarchs be ejected from Britain and Russian money be dug out of the City of London.


Hundreds of billions of dollars have flowed into London and Britain’s overseas territories from Russia since the fall of the Soviet Union in 1991, and London has become the Western city of choice for the super-wealthy of Russia and other former Soviet republics.


Timchenko


Britain said that Timchenko, one of the founders of Gunvor trading company, was a major shareholder in Bank Rossiya, itself a stakeholder in National Media Group which supported the destabilisation of after Russia’s 2014 annexation of Crimea.


“Bank Rossiya has supported the consolidation of Crimea into the Russian Federation by integrating the financial system following the annexation of Crimea,” Britain said.


Timchenko, who Forbes says is worth 23.5 billion pounds, is a close ally of Russian President Putin, as are the Rotenbergs, Johnson said.


“Boris Rotenberg… is a prominent Russian businessman with close personal ties to (the) Russian President,” Britain said.


“Igor Rotenberg is a prominent Russian businessmen with close familial ties to President Putin.”


The U.S. Treasury has also sanctioned the Rotenbergs as being billionaires who have made fortunes under Putin.


Britain has threatened to cut off Russian companies’ access to U.S. dollars and British pounds, blocking them from raising capital in London and to expose what Johnson calls the “Russian doll” of property and company ownership.


“We must now brace ourselves for the next possible stages of Putin’s plan,” Johnson said. “Putin is establishing the pretext for a full scale offensive.”


Russia’s once mighty superpower economy is now smaller than Italy’s based on IMF data, with a nominal GDP of around $1.7 trillion.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link