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UK Government announces new sanctions against Russia

  • Legal Development 30 June 2022 30 June 2022
  • UK & Europe

  • Crisis-Ukraine-Russia

On the 29 June 2022, the UK government announced new sanctions against Russia targeting thirteen new individuals and entities, including Russia’s second richest man, Vladimir Potanin.

Vladimir Potanin is reported to have an estimated net worth of £13bn and is the owner of major conglomerate Interros. He is also the chief executive and biggest shareholder in Norilsk Nickel, which is the largest supplier of nickel and palladium in the world. Norilsk is crucial to the supply of palladium for catalytic converters in cars and supplies of nickel for electric batteries. Potanin has also acquired Rosbank and shares in Tinkoff Bank in the period since the start of Russia’s invasion of Ukraine.

Putin’s first cousin once removed, Anna Tsivileva, who is President of Russian coal mining company JSC Kolmar Group, has also been sanctioned. Below is a list of the other individuals and entities that have been sanctioned under the new package:

  1. Ruslan Sulimovich Baysarov, Chairman of the Board of Directors of BTS-MOST JSC
  2. Said Mikhailovich Gutseriev
  3. Sait-Salam Safarbekovich Gutseriev
  4. Mihajlo Perencevic, President of Velesstroy  
  5. Sergei Evgenievich, Governor of Kemerovo
  6. Ivan Aleksandrovich Tyryshkin
  7. Joint Stock Company Marshal Global, a Russian investment banking, financial and asset management firm
  8. Joint Stock Company Moscow Industrial Bank, a Russian commercial bank
  9. JSC Kolmar Group, a Russia coal mining and processing company
  10. JSC New Opportunities, a Russian Joint Stock Company offering digital services
  11. R-Style Softlab, a company in the communications and digital technology sector

The UK government press release can be found here: UK sanctions Russia’s second richest man - GOV.UK (www.gov.uk)

The financial notice can be found here: Notice_Russia_290622.pdf (publishing.service.gov.uk)

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