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UK freezes assets of Russia’s largest banks in new round of sanctions

UK freezes assets of Russia

The U.K. has introduced new measures to ban all new outward funding in Russia and froze the belongings of the country’s largest bank within the wake of the invasion of Ukraine.

The British Govt moved to freeze the belongings of Sberbank, Russia’s largest bank, and the Credit Bank of Moscow in what Foreign Secretary Liz Truss mentioned were ‘some of our hardest sanctions yet’.

All new outward funding to Russia has been banned and the UK has also committed to finish all imports of Russian coal and oil by the top of the 12 months, with gas to comply with as quickly as possible.

Sanctions may even be imposed on eight extra oligarchs, together with Moshe Kantor, the most important shareholder of the fertiliser firm Acron and Andrey Guryev, the founding father of one other key fertiliser firm, whom the UK described as a close associate of Vladimir Putin.

Others oligarchs who’ve been positioned beneath sanctions embrace Sergey Sergeyevich Ivanov, president of the world’s largest diamond producer, Alrosa, and Leonid Mikhelson, the founder and CEO of the main Russian natural gas producer Novatek.

The announcement got here alongside comparable measures from western allies together with the EU which has additionally banned imports of Russian coal. The US announced it was additionally imposing sanctions towards Sberbank, Russian’s largest financial institution, together with the UK.

The UK will impose asset freezes on Sberbank and Credit Bank of Moscow and put in place an outright ban on all new outward funding in Russia, which was value £11bn in 2020.

By the top of 2022, the UK would finish all dependency on Russian coal and oil, the sanctions announcement mentioned, with a pledge to finish imports of fuel “as quickly as attainable thereafter”.

Export bans may even be put in place on key oil refining tools in addition to a ban on imports of iron and metal products.

The White House, meanwhile, introduced sanctions Wednesday focusing on Russia’s top public and private banks and two daughters of Vladimir Putin, including more stress on the nation’s economic system and its elite over the invasion of Ukraine.

The brand new sanctions focused Maria Vorontsova and Katerina Tikhonova, two grownup daughters of Putin’s together with his former spouse Lyudmila Shkrebneva.

Additionally hit with new sanctions have been the spouse and daughter of Russian Foreign Minister Sergei Lavrov and members of Russia’s Security Council, together with former President and Prime Minister of Russia Dmitry Medvedev and Prime Minister Mikhail Mishustin.

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