U.K. Freezes Sberbank Assets in Fresh Round of Russia Sanctions
(Bloomberg) -- The U.K. banned all new outward investment in Russia and froze the assets of the country's biggest bank as Prime Minister Boris Johnson sought to tighten the squeeze on Vladimir Putin's regime in the wake of the invasion of Ukraine.
Britain slapped a full asset freeze on Sberbank of Russia PJSC in a move co-ordinated with the U.S., and also froze the assets of Credit Bank of Moscow, the Foreign, Commonwealth & Development Office said in a statement Wednesday. The U.K. will also end all imports of Russian coal and oil by the end of 2022 and sanction another eight wealthy Russians, it said.
The U.K. and western allies are stepping up measures against Russia following allegations this week of atrocities in Ukraine by Russian forces. It's Britain's fifth package of sanctions since the Russian invasion of Ukraine in February.
“We are showing the Russian elite that they cannot wash their hands of the atrocities committed on Putin's orders,” Foreign Secretary Liz Truss said in the statement. “We will not rest until Ukraine prevails.”
The latest sanctions package also includes a ban on imports of Russian iron and steel products and restrictions on Russia's ability to buy quantum and advanced material technologies from the U.K.
Russian tycoons targeted in the new sanctions round include:
- PhosAgro founder Andrey Guryev
- Novatek Chief Executive Officer Leonid Mikhelson
- Gazprombank CEO Andrei Akimov
- Gazprom Neft CEO Alexander Dyukov
- Boris Rotenberg, son of the co-owner of Russia's largest gas pipeline producer, SGM Group
Read More: Tracking the Sanctions Imposed on Russia Over Ukraine Invasion
©2022 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
