The UK has today designated three Russian banks, as follows:

  • VEB.RF
  • Bank Otkritie Financial Corporation PJSC
  • PJSC Sovcombank

UK persons are prohibited from providing funds or economic resources to the benefit of these banks and individuals.  This includes transfers involving accounts held by non-sanctioned individuals at the designated banks.  Additionally, dealings with entities owned or controlled by the newly designated parties will generally be considered as restricted by the sanctions.

This follows the designation of all three banks by the US on 22 and 24 February, and of VEB’s designation by the EU on 23 February.  Bank Otrikitie is also subject to EU sectoral sanctions.

Further restrictions on the Russian banking sector are expected shortly, following the joint international announcement of measures targeting the participation of designated Russian banks in the SWIFT messaging system, and of measures targeting the Russian Central Bank (see our earlier post here).