Editorial & Advertiser disclosure

Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Home > Banking > Factbox-Britain publishes full list of Russia sanctions

Factbox-Britain publishes full list of Russia sanctions

Published by maria gbaf

Posted on February 23, 2022

4 min read

Last updated: January 20, 2026

Head office of Bank Rossiya in St. Petersburg, significant in Russia sanctions - Global Banking & Finance Review — The image shows the head office of Bank Rossiya in St. Petersburg, a central figure in the recent sanctions imposed by Britain in response to Russia's actions in Ukraine. This building symbolizes the financial entities targeted as part of the UK's measures against Russian destabilization efforts.

LONDON (Reuters) – Britain published sanctions against five banks and three individuals on Tuesday, part of a package of measures in response to Russia’s recognition of two breakaway regions of eastern Ukraine as independent.

Here is a list of the individuals sanctioned and extracts of the published reasons provided by Britain’s foreign office:

Gennady Timchenko

Reason given: “Timchenko is a major shareholder in Bank Rossiya. Bank Rossiya is a key stakeholder in the National Media Group which supports Russian policy which is destabilising Ukraine.”

Britain said Bank Rossiya expanded in Crimea after Russia’s 2014 annexation and supported Russia’s consolidation of the peninsular.

“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.”

Britain said Timchenko was “one of the most powerful people in Russia” and had close ties to Russian President Vladimir Putin. Britain said he was a citizen of Russia, Finland and Armenia and had stakes in Novatek and Sibur Holding.

He was sanctioned by the United States in 2014.

Boris Rotenberg

Reason given: Boris 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 is co-owner of SGM, the largest construction company for gas pipelines and electrical power supply lines in Russia, Britain said.

“The Rotenberg brothers, have known Putin since they were boys growing up in St Petersburg,” Britain said.

“A former professional judo trainer, he was the Russian President’s former sparring partner. Boris is also a member of the St. Petersburg Connection, a powerful energy lobby under the leadership of Putin.”

He was sanctioned by the United States in 2014

Igor Rotenberg

Reason given: “Igor Rotenberg is a prominent Russian businessmen with close familial ties to President Putin. Rotenberg is the Chairman of the Board of Directors of National Telematic Systems (NTS).”

The eldest son of Arkady Rotenberg, the Russian billionaire businessman.

“Igor now controls drilling company Gazprom Bureniye,” Britain said.

“The Rotenbergs are closely associated with Vladimir Putin.”

He was sanctioned by the United States in 2018.

Here is a list of the entities sanctioned:

Bank Rossiya

Reason given: Britain said the bank is owned by billionaires with direct links to President Putin and has opened branches in Crimea after Russia annexed the region from Ukraine in 2014.

The bank “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

Reason given: “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.”

Joint Stock Company Genbank

Reason given: “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.”

IS Bank

Reason given: Britain said the bank has operated across Crimea after Ukrainian banks were stopped from operating there.

“It has been providing financial services, thereby facilitating the integration of Crimea into the Russian Federation through the financial system.”

Public Joint Stock Company Promsvyazbank

Reason given: Britain said the state-owned bank provides funding to Russia’s military.

“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.”

The government also said it intended to:

– extend the territorial sanctions imposed on Crimea to non-government controlled territory in the breakaway republics of Donetsk and Luhansk.

– sanction Russian lawmakers who voted to recognise the independence of Donetsk and Luhansk.

(Reporting by Andrew MacAskill and Muvija M, editing by William James, Alistair Smout and Michael Holden)