UK Sanctions Russian Banks After Putin Recognizes Breakaway Ukraine States

The UK has sanctioned Russian banks along with entrepreneurs Gennady Timchenko, Boris, and Igor Rotenberg after Putin moves troops into breakaway Ukrainian states.

“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 destabilizing Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia,” said the UK Treasury.

Among the banks that were sanctioned were Rossiya, IS Bank, General Bank, Promsvyazbank, and the Black Sea Bank.

Rotenberg and Timchenko will be barred from the UK while companies and subjects will be prohibited from any cooperation with them and the banks. 

“We will continue to seek a diplomatic solution to the last possible moment, but we must take note that none of our messages have been heeded,” said UK Prime Minister Boris Johnson. 

Johnson warned that there would be more sanctions to come. 

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