August 1, 2022

UK sanctions oligarchs and issues general license

The UK recently sanctioned members of Russian President Putin’s inner circle in an effort to weaken the Russian war machine.  The new designees include Russian oligarch Vladimir Potanin, Russia’s second richest man, who reportedly owns major conglomerate Interros and who recently acquired Rosbank and Tinkoff Bank since Russia’s invasion of Ukraine. The new sanctions, imposed on June 29, 2022, also target Anna Tsivileva, Putin’s first cousin once removed, and her husband Sergey Tsivileva.  The UK government reports that Anna is the president of JSC Kolmar Group, a prominent Russian coal mining company which was also sanctioned, while her husband Sergey holds a prominent position as governor of the coal-rich Kemerovo region.

On the same day, the UK imposed asset freezes upon a group of Russian individual and entities for their participation in the repression of civilians in Syria and support of the Assad regime.  The UK government also collaborated with international allies to introduce measures that will prevent Russia from accessing trusts services – services that allow persons or business to manage the assets of another.  

On June 30, 2022, the day after Rosbank owner Vladimir Potanin was sanctioned, the Office of Financial Sanctions Implementation issued General License INT/2022/1968500 under Regulation 64 of The Russia (Sanctions)(EU Exit) Regulations 2019.  The general license authorizes Persons to wind down positions with designated person Rosbank or a Subsidiary for a period of 30 days.  The general license permits a Person, Relevant Institution, Rosbank or a Subsidiary to carry out any activity reasonable necessary to effect this.  General License INT/2022/1968500, which initially expired on July 30, 2022, was amended on July 29, 2022, extending the expiration date until September 30, 2022.

UK Government Press Release | OFSI Financial Sanctions Notice – Syria | Amended Publication Notice – General License INT/2022/1968500 | Amended General License INT/2022/1968500