New US sanctions on Russia: Businessman Potanin and financial services targeted

by

Washington has imposed sanctions on Potanin, one of the world’s richest men, as well as his wife, adult children, yacht and investment holding company Interros

The United States today targeted Russia’s financial services sector and Russian businessman Vladimir Potanin, increasing pressure on Moscow over its invasion of Ukraine

Washington has imposed sanctions on Potanin, one of the world’s richest men, as well as his wife, adult children, the yacht and the investment holding company Interros, which Potanin controls, a State Department press release said.

The 61-year-old Potanin is the main shareholder of Nornickel, which was not targeted today. Interros, which owns 36% of Nornickel, and is the world’s leading producer of palladium and refined nickel, was one of the biggest spoils in the post-Soviet takeover of Russian industry in the 1990s.

The US Treasury says Washington has also imposed sanctions on Rosbank, a Russia-based commercial bank that Potanin acquired earlier this year, along with 17 subsidiaries of Russian bank VTB, which was targeted by Washington earlier this year.

“By imposing additional sanctions on Russia’s major banks, we continue to deepen Russia’s isolation from international markets,” Treasury Department Undersecretary for Terrorism and Financial Intelligence Brian Nelson said in a statement.

“Today’s characterizations by the United States, along with the actions of our international partners, will further impede the Putin regime’s ability to finance its horrific war against Ukraine.”

Nornickel declined to comment. Interros, Rosbank and VTB did not immediately respond to Reuters’ request for comment. The Russian embassy in Washington did not immediately respond to a request for comment.

The move freezes the assets of targeted individuals in the US and generally prohibits Americans from doing financial business with them.

The State Department also imposed sanctions on members of the board of directors of the state-owned enterprise Russian Railways, members of the government, including the governor of the Moscow region, and members of their families.

Also designated were seven “Russian-appointed proxies in Ukraine,” the State Department said.

You May Also Like

Recommended for you