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Jersey’s Government is following the UK in imposing sanctions against five Russian banks and three billionaires after Russian troops began moving into rebel-held regions in eastern Ukraine.
Accusing Russian President Vladimir Putin of denying Ukraine’s statehood and “establishing the pretext for a full-scale offensive”, Prime Minister Boris Johnson announced what he described as a “first tranche” of sanctions this afternoon.
He said they would be extended if the situation escalated.
However, some MPs have already called for the sanctions against Russia and Kremlin allies to go further.
Jersey’s Government had said that it stood ready to follow the UK in imposing any sanctions, and announced the same measures within hours against Bank Rossiya, Black Sea Bank for Development and Reconstruction, IS Bank, Genbank, and Promsvyazbank, as well as oligarchs Gennadiy Nikolayevich Timchenko, Boris Romanovich Rotenberg and Igor Arkadyevich Rotenberg.
As associates of President Putin, the three men had already been on the US sanctions list for a number of years.
Pictured: The sanctions follow Russia's push into separatist regions in Ukraine.
Finance institutions are now being asked to check if they maintain any accounts or hold funds for any of the blacklisted entities or individuals and freeze their assets immediately if so. Any information held should be passed on to the Minister for External Relations.
The sanctions come in addition to ones introduced earlier in the month prohibiting people from dealing with five Russian banks: Sberbank, VTB bank, Gazprombank, Vnesheconombank, Rosselkhozbank, and six firms: OPK Oboronprom, United Aircraft Corporation, Uralvagonzavod, Rosneft, Transneft or Gazprom Neft.
“We take our obligations as a responsible jurisdiction extremely seriously and these new designations will take effect immediately. Any assets held in Jersey in relation to these individuals and financial institutions must be frozen without delay,” commented the Minister for External Relations and Financial Services, Senator Ian Gorst.
“Jersey is a robustly regulated finance centre with a record of helping to enforce the agreed actions of the international community. Notices have been published on the Jersey Gazette to advise of these new designations, and to remind industry of their legal obligation to freeze assets and economic resources, and report on any connection to them.
“Officers continue to work closely with UK counterparts, and we are ready to take further measures to ensure Jersey’s response is in line with the international community.”
A spokesperson for the Guernsey's Policy and Resources Committee confirmed this afternoon that the island would also be applying the sanctions.
Jersey’s Government provided the following information to local finance firms...
“Mr Timchenko is a major shareholder in Bank ‘Rossiya’. ‘Rossiya’ is a key stakeholder in the National Media Group which supports Russian policy which is destabilising Ukraine.
Following the annexation of Crimea, ‘Rossiya’ has expanded its bank branches and provision of insurance and investment throughout Crimea and Sevastopol; and offers support to military activities and the formation of major transport links and cards that allow the public to travel easily around the peninsula.
“Therefore, Bank ‘Rossiya’ has supported the consolidation of Crimea into the Russian Federation by integrating the financial system following the annexation of Crimea. Timchenko therefore is or has been involved in engaging in, providing support for, or promoting any policy or action which destabilises Ukraine or undermines or threatens the territorial integrity, sovereignty or independence of Ukraine. Additionally, Timchenko is associated with a person involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine.”
“Mr Rotenberg is a prominent Russian businessman with close personal ties to Russian President, Vladimir Putin.
"Rotenberg is a major shareholder of SMP Bank and sits on its Board of Directors. Rotenberg therefore is or has been involved in obtaining a benefit from or supporting the Government of Russia by virtue of owning or controlling directly or indirectly" or "working as a director" or "equivalent" at SMP Bank which is a Russian Government affiliated-entity which obtains a financial benefit or other material benefit from the Government of Russia and is carrying out business in the finance sector which is a sector of strategic significance to the Government of Russia.”
“Igor Rotenberg is a prominent Russian businessmen with close familial ties to President Putin.
"Igor Rotenberg is the Chairman of the Board of Directors of National Telematic Systems (NTS).
"NTS is conducting business in the transport sector, which is of strategic significance to the Government of Russia, and therefore through his role as Chairman of the Board of Directors to NTS, Igor Rotenberg is benefiting from or supporting the Government of Russia. Igor Rotenberg is also a shareholder in RT-Invest Transport Systems (RTITS). RTITS, through the 'Platon' toll system, is conducting business in the transport sector, which is of strategic significance to the Government of Russia. It is also obtaining a benefit from the Government of Russia.”
"Bank 'Rossiya' is a Russian bank privately owned by elite Russian billionaires with direct links to Putin. Bank 'Rossiya' also has important stakes in the National Media Group, which controls television stations which actively support the Russian Government's policies of destabilisation in Ukraine.
"Since the annexation of Crimea, Bank “Rossiya” has opened branches across Crimea and Sevastopol, and provided travel cards for the public to travel across the peninsula thereby supporting the integration of Crimea and Sevastopol into the Russian Federation through the financial system. Bank 'Rossiya' has also contributed to the provision of insurance and investment throughout Crimea and Sevastopol and services to support military capability and major transport links.
"Bank 'Rossiya' therefore is or has been involved in providing financial services, or making available funds, economic resources, goods or technology and engaging in, providing support for, or promoting any policy or action that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine."
“'Black Sea Bank for Development and Reconstruction' is a Crimean bank that was created immediately after the illegal annexation of Crimea in 2014. It has capitalised on the sector’s fear of Western sanctions and the lack of banks in Crimea.
"By operating in Crimea, JSC 'Black Sea Bank for Development and Reconstruction' has consolidated Crimea into the Russian Federation through the financial system."
"Joint Stock Company (JSC) Genbank is a Russian financial institution that operates extensively in the occupied territory of Crimea. By providing banking and other financial services in the annexed territory of Crimea it contributes to undermining or threatening the territorial integrity, sovereignty and independence of Ukraine."
"Since the annexation of Crimea, IS Bank, a Russian Bank, has operated across Crimea, after Ukrainian banks were stopped from operating there. Its business development is directly tied to the annexation of Crimea.
"In addition, it has been providing financial services, thereby facilitating the integration of Crimea into the Russian Federation through the financial system."
"PJSC Promsvyazbank is a Russian state-owned bank. Its main task is to service the state defence order and to finance defence industry enterprises
"In its role as a pivotal bank for the Russian military-industrial complex, including servicing nearly 70% of the state contracts signed by the Defence Ministry as a government customer, Promsvyazbank provides financial services or makes available funds and economic resources that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine."
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