UK Government announces 65 new Russian sanctions

On 24 March 2022, the UK Government announced 65 new Russian sanctions, targeted at strategic industries (including defence and transport), banks and business elites.

The new sanctions, particularly those targeted at CEO’s and business leaders, represent a shift in the UK Government’s approach, which previously focussed sanctions activity around financial institutions and oligarchs. Those subject to the sanctions will have their UK assets frozen and no UK citizen or company will be able to do business with them. Individuals subject to travel bans will also be prohibited from travelling to or from the UK.

The entities and individuals sanctioned include;

• Alfa Bank JSC, GazPromBank, Rosselkhozbank, SMP Bank and Ural Bank for Reconstruction and Development
• Sovcomflot – a shipping company involved in the transport of oil and liquefied natural gas from Russia
• Russian Railways
• Multiple defence companies, including Kronshtadt -  the main producer of Russian drones
• The Wagner Group – reportedly tasked with assassinating President Zelenskyy
• Alrosa – a diamond production company
• Oleg E Aksyutin - the Deputy Chairman of the Management Board at Gazprom PJSC
• Didier Casimiro - the First Vice President of Rosneft, the Russian State oil company
• Zeljko Runje, the Deputy Chairman of the Management Board and First Vice President for Oil, Gas, and Offshore Business Development of Rosneft
• Eugene Shvidler – an oil tycoon
• Oleg Tinkov - founder of Tinkoff bank
• Herman Gref -  CEO of Sberbank
• Polina Kovaleva - Foreign Minister Lavrov’s step-daughter
• Galina Danilchenko - appointed by Russia as the purported ‘mayor’ of Melitopol

The UK has now sanctioned over 1,000 individuals and entities, since the invasion commenced.

The new sanctions are available here:

Financial sanctions, Russia - GOV.UK (www.gov.uk)

GL_INT20221424277.pdf (publishing.service.gov.uk)

INT20221424276_GL.pdf (publishing.service.gov.uk)

Notice_Belarus_240322.pdf (publishing.service.gov.uk)

Notice_Russia_240322_InvBan.pdf (publishing.service.gov.uk)