Britain is imposing sanctions on Russian banks, oligarchs, and elected officials

Liz TrussPhoto: AP Photo / Efrem Lukatsky, Pool

Britain is imposing sanctions on five Russian banks, a large number of members of the Duma, and three powerful oligarchs. 

Oligarchs in President Vladimir Putin’s inner circle and banks that have financed Russia’s occupation of the Crimean peninsula will be affected by the first wave of British sanctions in response to Russia’s violation of Ukraine’s sovereignty, Foreign Minister Liz Truss said in a statement.

The British sanctions are directed against the banks Rossiya, IS Bank, General Bank, Promsvyazbank, and Black Sea Bank, as well as against the three oligarchs Gennady Timchenko, Boris Rotenberg, and Igor Rotenberg. They will be denied entry to the UK, and all UK citizens and companies will be denied doing business with them and the five banks.

Britain also imposes sanctions on all those who voted for diplomatic recognition of Donetsk and Luhansk in the Duma and the Federation Council, the statement from Truss states.

“Just the beginning”

A Western official says the sanctions that come today are “just the beginning.” The sanctions are part of a larger package that is coordinated between the EU, the US, and the UK, NTB reports.

The first step is described as “surgically” aimed at hitting the Russian economy where it hurts the most.

The next step, which has not yet been introduced, includes sanctions aimed at the export of high-tech products, a larger number of oligarchs with close ties to the Kremlin, and strategically important banks and companies.

Source : © NTB Scanpix / #Norway Today / #NorwayTodayNews

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