Financial sanctions, Russia

The Office of Financial Sanctions Implementation (OFSI) has published a new Financial Sanctions Notice regarding sanctions measures with respect to persons and entities involved in or supportive of Russia’s action to destabilize Ukraine and threatening the sovereignty and independence of the country pursuant to Statutory Instrument SI 2019/855, the „Russia (Sanctions) (EU Exit) Regulations 2019“. Specifically, the OFSI informs that it has updated its sanction list by amending the records of one individual on the list which remains subject to asset freezing measures. The affected persons and their records are as follows:
SOLOVIEV, Yuri Alekseyevich
Name (non-Latin script): СОЛОВЬЕВ Юрий Алексеевич
DOB: 13/04/1970. POB: Mongolia a.k.a: SOLOVYOV, Yuri Alekseyevich Nationality: (1) Russia (2) United Kingdom Position: First Deputy President and Chairman of of VTB Bank Management Board (1) Former Chairman of the Management Board of VTB Bank (2) Former First Deputy President of VTB Bank Other Information: (UK Sanctions List Ref):RUS0807. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 21/03/2023. (UK Statement of Reasons):Yuri SOLOVIEV is a member of VTB Bank’s Management Board. VTB Bank is a Government of Russia-affiliated entity, as it is owned or controlled directly or indirectly by the Government of Russia. As a member of VTB Bank’s Management Board, SOLOVIEV obtains a financial benefit from VTB Bank, therefore SOLOVIEV is an involved person on the basis of his membership of and association with VTB Bank. Yuri Alekseyevich SOLOVIEV (hereafter SOLOVIEV) is an “involved person” under the Russia (Sanctions) (EU Exit) Regulations 2019 on the basis of the following grounds: 1) SOLOVIEV has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director or equivalent, through his role as First Deputy President and Chairman of the Management Board, of an entity, VTB Bank PJSC, which is or has been carrying on business in a sector of strategic significance to the Government of Russia, namely the financial services sector; 2) SOLOVIEV has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director or equivalent, through his role as First Deputy President and Chairman of the Management Board, of a Government of Russia-affiliated entity, namely VTB Bank PJSC. The trust services sanctions were imposed on 21/03/2023. (Gender):Male Listed on: 15/03/2022 UK Sanctions List Date Designated: 15/03/2022 Last Updated: 21/03/2023 21/12/2023 Group ID: 14758.
The new consolidated Russia sanctions list may be accessed via this link.