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BMA posts sanctions notice against Russian interests

With the backdrop of global tensions and the threat of war in Ukraine, Bermuda’s financial services regulator has added three Russian nationals and five banks to the sanctions list on its website.

The three people and five banks named are subject to an asset freeze.

The placement of the notice on the Bermuda Monetary Authority’s website comes as the international community reacts to Russia’s territorial and geopolitical claims against Ukraine.

The sanctions have been imposed by HM Treasury’s Office of Financial Sanctions Implementation in the United Kingdom.

Facing an asset freeze are Gennadiy Nikolayevich Timchenko, Boris Romanovich Rotenberg, Igor Arkadyevich Rotenberg – plus Bank Rossiya, Black Sea Bank for Development and Reconstruction, Joint Stock Company Genbank, IS Bank, and Public Joint Stock Company Promsvyazbank.

The Russia (Sanctions) (EU Exit) Regulations 2019 were made under the UK’s Sanctions and Anti-Money Laundering Act 2018 and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine, or obtaining a benefit from or supporting the Government of Russia.

The Foreign, Commonwealth and Development Office has updated the UK Sanctions List on GOV.UK. This list provides details of those designated under regulations made under the Sanctions Act.

The three individuals and five banks have been added to the consolidated list to which sanctions apply.

Bermuda Monetary Authority: has added three Russian nationals and five banks to the sanctions list on its website (File photograph)

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Published February 23, 2022 at 8:00 am (Updated February 23, 2022 at 12:43 pm)

BMA posts sanctions notice against Russian interests

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