Sanctions against Russia
12 Commons Library Research Briefing, 22 March 2023
the European Union. Those in and around the Kremlin will have nowhere to
hide.
12
The Government did not confirm who may be targeted, or with what
measures, but said that it would "use these new powers to maximum effect if
it pursues its aggressive intent towards Ukraine", that sanctions would be
applied "without fear or favour" and that "nothing is off the table".
13
Sanctions will also be coordinated with allies, including the EU and the US, to
achieve maximum effect.
The application of sanctions to the UK's Overseas Territories, is examined in
House of Commons Library, The UK's Overseas Territories and sanctions
against Russia
3.1 First tranche of sanctions
In response to Russian recognition of the DPR and LPR and the deployment of
"peacekeeping" troops to the region, which the Government described as "a
renewed invasion" of Ukraine,
14
the first wave of UK sanctions was announced
on 22 February 2022.
Targeted sanctions were imposed on five Russian banks and three Russian
oligarchs associated with the Kremlin: Gennady Timchenko, Boris Rotenberg
and Igor Roteberg. All three individuals were already subject to US sanctions.
Timchenko and Boris Rotenberg were sanctioned by the US in March 2014
following Russia's annexation of Crimea, and Igor Rotenberg in 2018 as part of
its response to Russia's "worldwide malign activity."
15
The assets of the following banks were also frozen, with immediate effect:
• Bank Rossiya – a Russian bank privately owned by several Russian
billionaires with direct links to President Putin. It has also played an
active part in financing the annexation of Crimea.
• Black Sea Bank for Development and Reconstruction – a Crimean bank
created in 2014 immediately after annexation.
• IS Bank – has operated across Crimea since 2014.
• Genbank – has operated across Crimea since 2014.
12
HC Deb 31 January 2022, c56
13
HC Deb 31 January 2022, c56 and c58
14
HC Deb 22 February 2022, Ukraine
15
"Treasury Sanctions Russian Officials, Members Of The Russian Leadership's Inner Circle, And An
Entity For Involvement In The Situation In Ukraine", US Treasury, 20 March 2014; "Treasury
Designates Russian Oligarchs, Officials, and Entities in Response to Worldwide Malign Activity", US
Treasury, 6 April 2018
