July 7, 2022

Britain bans Genie Timchenko and five banks

  • Britain bans Timchenko and Rottenberg
  • Permission for 5 banks in the UK
  • Sanctions are pushing the UK to comply with US sanctions
  • Lawmakers are urging Johnson to go further

LONDON, Feb 22 (Reuters) – Britain on Tuesday imposed sanctions on Gennady Timchenko and two other millionaires linked to Vladimir Putin after the Russian president ordered the deployment of troops to two parts of eastern Ukraine.

British Prime Minister Boris Johnson has said that Russia is moving towards a “pariah state” and that the world must now prepare for Putin’s next stage plan, laying the groundwork for a full – scale invasion of Ukraine by the Kremlin.

Johnson told parliament that five banks, Rosia, IS Bank, Zenbank, BromswiSbank and Black Sea Bank, would be allowed, along with Timchenko and three brothers, Igor and Boris Rottenberg.

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But Johnson avoided imposing restrictions on Russia’s largest state-owned banks.

“This is the first installment, the first volley of what we are ready to do,” Johnson said. “In light of what President Putin may do next, it is absolutely essential that we have more powerful sanctions in place.”

“We want to stop Russian companies from raising funds in sterling or actually dollars,” Johnson said.

Many British lawmakers called on Johnson to be tough on Russian money, demanding that Russian oligarchs be expelled from Britain and that Russian money be mined in London.

Hundreds of billions of dollars have flowed from Russia to London and Britain overseas since the fall of the Soviet Union in 1991, and London has become the western city of choice for the super-rich of Russia and other former Soviet republics.

Putin’s circle

Despite Johnson’s warnings against Putin and further sanctions, Britain’s initial sanctions go slightly higher than those of the United States, which allowed Timsenko and Rottenberg in 2014 and 2018.

“The danger is that slapping on the wrist today will not prevent anything,” said Liam Byrne, a lawmaker in the opposition Labor Party. “The prime minister must recognize that pulling our punches will not work with President Putin.”

The U.S. Treasury said in 2014 that Bank Russia’s shareholders included members of Putin’s inner circle. The Treasury says Boris Rottenberg has amassed a fortune under Putin.

Britain has said that Tim Senko, one of the founders of the Conver trade, was a key partner of Bank Rosia, a partner in the National Media Group, which supported Ukraine’s instability after Russia annexed Crimea in 2014.

“Bank Rosia has supported the integration of Crimea into the Russian Federation by consolidating the financial system following the annexation of Crimea,” Britain said.

According to Forbes, Timsenko, worth $ 23.5 billion, is as close to Putin as Rottenberg.

Johnson said Europe had failed to abandon Russian power and hailed President Olaf Scholes’ decision to shut down the Nord Stream 2 pipeline.

Former Conservative leader Ian Duncan Smith called on Johnson to push for more sanctions and said China would pay close attention to the West’s response.

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Report by Kylie McClellan; Edited by Guy Balkanbridge, Michael Holden and Angus Maxwan

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