New British Sanctions Against Russian Oligarchs and Putin’s Relatives

by Olha Povaliaieva
Wednesday, June 29, 2022
New British Sanctions Against Russian Oligarchs and Putin’s Relatives

On June 28, the British parliament announced the imposition of sanctions against Putin's inner circle

Currently, oligarch Vladimir Potanin and Putin's cousin Anna Tsivilova are under the Kingdom's sanctions. Potanin is one of the 3 richest people in Russia, and from his wealth supports the war against Ukraine. The owner of the company Interros. Anna Tsivilova is the owner of the Colmar Group coal mining company, while her husband is the governor of Russia's Kemerovo coal region. The theft of state subsoil is apparent. The Colmar Group has also been sanctioned.

"As long as Putin continues his abhorrent assault on Ukraine, we will use sanctions to weaken the Russian war machine. Today's sanctions show that nothing and no one is off the table, including Putin's inner circle," he said.

In addition to the main package of sanctions is a ban on sanctioned persons to use British trusts. Cut off from the ability to manage other people's assets, such legal entities will be cut off from the world-class financial service.
As a result of Russia's attack on Ukraine, more than 1.000 persons and 120 Russian companies have come under sanctions. According to British analysts, 75% of foreign companies have suspended operations in Russia, and about 30% have entirely ceased operations and left the market. Russian imports fell by 40%, and sanctions were imposed on the 2 most important Russian goods (energy and gold). Under these circumstances, in 3, maximum 6 months, Russia will not have strategically important components for production. For example, today the automotive industry in this country has fallen by 60%.

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