1 Jul 2022 17:30

UK allots a month to curtail transactions with Potanin's Rosbank

MOSCOW. July 1 (Interfax) - The United Kingdom has provided 30 days for winding down transactions with Rosbank , which is controlled by recently sanctioned Vladimir Potanin.

The general license has been published on the UK government website and will be in effect until July 30, 2022.

The UK imposed sanctions on a group of Russian businessmen on Wednesday, including on Potanin, who owns Interros and is the largest beneficiary of Norilsk Nickel .

According to the updated sanctions list published by the UK government, Potanin has been added to it as the controlling owner of Rosbank, as Interros acquired the bank in April, having previously owned it, from Societe Generale when it left the Russian market. Rosbank does business in Russia's financial sector, which is of strategic importance to the Russian government, according to the sanctions list.

Rosbank is, however, not under UK sanctions.

Rosbank said on Wednesday that is continuing to operate as usual with due regard for heightened operational control and is providing support to clients in the current situation. Rosbank is carrying out comprehensive monitoring of the situation at all levels of management, including in regard to expansion of the UK's sanctions list. The bank does not recommend that clients conduct transactions in British pounds.