Russian Assets Freeze Update

HM Gov UK has issued a list of Russian companies that have had their assets frozen;

The Russia (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/855) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia.

2. On 22 February 2022 the Foreign, Commonwealth and Development Office updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act. A link to the UK Sanctions List can be found below.

3. Following the publication of the UK Sanctions List, information on the new and previous versions of the Consolidated List has been updated.

4. The following entries have been added to the consolidated list and are now subject to an asset freeze.

• Gennadiy Nikolayevich TIMCHENKO (Group ID: 14181)
• Boris Romanovich ROTENBERG (Group ID: 14182)
• Igor Arkadyevich ROTENBERG (Group ID: 14183)
• BANK ROSSIYA (Group ID: 14177)
• BLACK SEA BANK FOR DEVELOPMENT AND RECONSTRUCTION (Group ID: 14178)
• JOINT STOCK COMPANY GENBANK (Group ID: 14179)
• IS BANK (Group ID: 14180)
• PUBLIC JOINT STOCK COMPANY PROMSVYAZBANK (Group ID: 14184)

ISLE OF MAN AND CI FREEZE

The BBC is reporting that some Russian assets have also been frozen in the Isle of Man and the Channel Islands too. More details here.

EU SANCTIONS – LATEST

Meanwhile the EU recently issued this statement;

On 23 February 2022, the Council agreed on a package of measures to respond to the decision by the Russian Federation to proceed with the recognition of the non-government controlled areas of Donetsk and Luhansk oblasts in Ukraine as independent entities, and the ensuing decision to send Russian troops into these areas.

The agreed package includes:

• sanctions against the 351 members of the Russian State Duma (parliament’s lower house), who voted on 15 February in favour of the appeal to President Putin to recognise the independence of the self-proclaimed Donetsk and Luhansk ”republics”
• sanctions against an additional 27 individuals and entities who have contributed to the undermining or threatening of the territorial integrity, sovereignty and independence of Ukraine
• restrictions on economic relations with the non-government controlled areas of Donetsk and Luhansk oblasts
• restrictions on the ability of the Russian state and government to access the EU’s capital and financial markets and services