May 16, 2022

UK sanctions Putin’s relatives, issues one new general license and amends another

On May 13, 2022, the UK imposed sanctions against 12 members of Russian President Vladimir Putin’s inner circle, including his ex-wife, cousins and other relatives who owe their wealth and power to Putin and, in turn, support his war against Ukraine.  The UK reports that, while Putin’s official assets are modest, the sanctioned individuals are part of a network of family, childhood friends and strategically positioned elites who fund his lavish lifestyle and allow him to influence all sectors of the Russian economy.  The UK reports that, to date, it has imposed sanctions against more than 1,000 individuals and 100 entities, including oligarchs worth £117 billion.

On the same day, the Office of Financial Sanctions Implementation issued one new general license and amended another under Regulation 64 of the Russian (Sanctions) (EU Exit) Regulations 2019.  OFSI issued new General License INT/2022/1469378 to temporarily authorize payments and certain permitted activities related to wind down activities, basic needs and insolvency proceedings involving Amsterdam Trade Bank NV or its subsidiaries.  According to the general license, Amsterdam Trade Bank is a majority owned subsidiary of Alfa-Bank JSC, a person designated under Regulation 5 of the Russia Regulations.  This general license expires in one year on May 12, 2023.

OFSI also amended General License INT/2022/1469378, which was originally issued on March 29, 2022 to authorize wind down transactions with designated person Sovcomflot.  The amendment extends the authorizations in this general license from May 15, 2022 to June 30, 2022.

UK Government Press Release | General License – INT/2022/1678476 | Amended General License – INT/2022/1469378