UK Sanctions Another 2 Russian Oligarchs, Announces Oligarch Sanctions Task Force
The U.K. added two more oligarchs to its Russia sanctions regime following their country's invasion of Ukraine, the Office of Financial Sanctions Implementation said in a March 3 notice. Alisher Usmanov and Igor Shuvalov, listed as having close ties to the Kremlin and "significant interests" in the U.K., were added to the sanctions list.
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In an accompanying news release, U.K. Foreign Secretary Liz Truss that she will set up an oligarch task force to coordinate sanctions on oligarchs. It will work with various U.K. government agencies "to sanction oligarchs, helping build cases against the list of oligarchs it has identified as targets." The U.S. established a similar body with its Task Force KleptoCapture (see 2203020044).
OFSI further updated its guidance to individuals and businesses over compliance with the U.K.'s Russia sanctions regime. The publication contains the financial institutions newly listed by the U.K. and advises relevant parties on how to proceed with their relationships with these institutions. The guidance covers asset freezes, loan and credit arrangements, financial services and investment restrictions, and foreign exchange reserves and asset management.