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The U.K. imposed further sanctions against Russia

24 February 2022

Following Russian President Vladimir’s Putin invasion of the Ukraine, U.K. Prime Minister Boris Johnson announced a second package of economic sanctions on February 24th 2022. Several Russian companies, banks and individuals have now been added to the U.K. Sanctions list (Consolidated List of Financial Sanctions Targets in the U.K.) including major Russian bank VTB. This measure ensures the immediate and full asset freeze of the Russian financial institution’s assets and excludes it from the U.K. financial system. Among other things, the new measures aim to stop VTB and other major Russian financial institutions (already listed and to be listed) from being able to clear payments through the U.K. and stop them from accessing sterling. A full list of the individuals and entities added to the U.K. sanctions list on February 24th can be found here. In addition, under the new restrictions, the U.K. announced it’s plan to introduce a limit on the amount of money Russian persons will be able to deposit to U.K. banking accounts (50,000 GBP). More information on this round of sanctions imposed by the U.K. can be found here.