Financial sanctions, Russia

The UK government 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 government informs that it has updated its consolidated sanction list by removing one duplicate record of a sanctioned person and by amending the records of another. Both individuals – the first one under its remaining entry – keep being subject to asset freezing measures.
##### The removal concerns the following record:
– Sergey Borisovich KOROLEV (Group ID: 15760) – please ensure to retain the original record on your sanctions list (Sergei Borisovich KOROLYOV, Group ID: 15295)
##### The modification concerns the following person and reads as follows:
KUZMICHEV, Alexey Viktorovich
Name (non-Latin script): Алексей Викторович КУЗЬМИЧЁВ DOB: 15/10/1962. POB: Kirov, Russia Position: Member of the Supervisory Board of Alfa Group Consortium Other Information: (UK Sanctions List Ref):RUS1029. Financial sanctions imposed in addition to an asset freeze: Trust services. Date trust services sanctions imposed: 21/03/2023. (UK Statement of Reasons): Alexey Viktorovich KUZMICHEV (hereafter KUZMICHEV) was involved in obtaining a benefit from or supporting the Government of Russia through his positions as the co-founder and a member of the Supervisory Board of the Russian-based investment consortium the Alfa Group, a consortium of businesses which includes ABH Holdings SA, which is the holding company for Alfa-Bank Russia (Russia’s largest privately owned bank) and Alfa-Bank Ukraine. Alfa Bank is active in the financial services sector – a sector of strategic significance to the Government of Russia, meaning that KUZMICHEV has derived a benefit from or supported the Government of Russia. KUZMICHEV has also been involved in destabilising Ukraine through Alfa Bank Russia doing business in the unrecognized republics in the east of Ukraine. Alexey Viktorovich KUZMICHEV is or has been involved in obtaining a benefit from or supporting the Government of Russia by working as a director, or equivalent, of entities carrying on business in a sector of strategic significance to the Government of Russia, namely the Russian financial services sector, through his positions on the Supervisory Board of Alfa Group and the Board of Directors and Board of Administration of A1 Investment Holding S.A.. KUZMICHEV is also an involved person because he is associated with Mikhail FRIDMAN (RUS0664), German KHAN (RUS0666), and Petr AVEN (RUS0665), who are each involved persons under The Russia (Sanctions) (EU Exit) Regulations 2019. Listed on: 15/03/2022 UK Sanctions List Date Designated: 15/03/2022 Last Updated: 21/03/2023 22/03/2023 Group ID: 14966.
The new consolidated Russia sanctions list may be accessed via this link.