U.S. Sanctions Over 400 Russian Elites And Entities—Including Billionaire Oligarch Timchenko, Duma And Bank CEO

Topline

The U.S. on Thursday unveiled a fresh batch of sanctions on more than 400 Russian individuals and entities, including members of Russian State Duma, the head of the nation’s largest financial institution and billionaire businessman Gennady Timchenko—lifting the number of entities sanctioned by the U.S. above 600, the White House said.

Key Facts

The Treasury on Thursday said it sanctioned 328 Duma members for supporting the Kremlin’s efforts to invade Ukraine through measures including treaties recognizing the self-proclaimed independence of areas of eastern Ukraine known as the Donetsk People’s Republic and Luansk People’s Republic.

The Treasury’s Office of Foreign Assets Control also sanctioned 48 companies that are part of Russia’s defense-industrial base and that have produced weapons for Russia’s military, effectively cutting them off from U.S. technological and financial resources.

Among individuals sanctioned, the office designated Herman Gef, the CEO of the nation’s largest lender, Sberabank, an enabler of the invasion for his ties to the Russian government, pointing out the businessman and politician has been a close confidant of Russian President Vladimir Putin since the 1990s.

The action, in coordination with the European Union and Group of Seven nations, also places full blocking sanctions on 17 board members of Russian financial institution Sovcombank and Russian billionaire Gennady Timchenko, his companies and his family members.

Already sanctioned by the EU, Timchenko, 69, has stakes in various Russian businesses, including gas company Novatek and petrochemical producer Sibur Holding, and faced sanctions in 2014 for his close ties to Putin.

Crucial Quote

“The United States, with our partners and allies, is striking at the heart of Russia’s ability to finance and carry out its warfare and atrocities against Ukraine,” Treasury Secretary Janet Yellen said in a Thursday statement. “The Russian State Duma continues to support Putin’s invasion, stifle the free flow of information, and infringe on the basic rights of the citizens of Russia. We call on those closest to Putin to cease and condemn this cold-blooded war.”

Further Reading

More Russian Oligarchs, Businesses And Mercenary Assassins Targeted By New U.K. Sanctions (Forbes)

Tracker: In-Depth Look At 23 Russian Billionaires Hit By Sanctions (Forbes)

Source

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