UK sanctions Russia: bankers, media, and lawmakers targeted

The British Foreign Office announced fresh restrictive measures aimed at Russia. This round targets a broad spectrum of actors, including bankers, lawmakers, state media personnel, a range of media outlets, and various businesses behind the Russian federation.
There are more than 1,600 individuals currently under sanctions. The measures prevent entry into the United Kingdom and block any assets located on British soil. In parallel, the UK government prohibited British firms from offering services to Russian entities in the areas of public relations, accounting, and management consulting. London asserts that roughly 10% of global companies serving Russian clients in these sectors are British.
“Our professional service exports are highly valuable to many economies, so we are taking steps to limit Russia’s access. By denying Russia access to our leading firms in management consulting, accounting, and public relations, we aim to raise the economic pressure on the Kremlin to reconsider its course,” stated Kwasi Kwarteng, Secretary of State for Business, Energy and Industrial Strategy, during remarks reported by the ministry.

Media and journalists

The Foreign Office also indicated that these sanctions are meant to curb what is described as the Kremlin’s disinformation operation. The blacklist includes the VGTRK television channel, the Inforos agency, the Southfront.org site, and the Strategic Culture Foundation.

According to Minister Chris Philp, the government holds that RT and Sputnik have long pushed misleading narratives under the guise of serious reporting to justify Putin’s invasion of Ukraine. He noted that these outlets have already been barred from operating in the UK and that access to their websites, social media accounts, and apps has been blocked to halt the spread of falsehoods.

Sanctions also target individual journalists and media figures, including Naila Asker-zade and Yevgeny Poddubny from the All-Russia State Television and Radio Broadcasting Corporation, Alexander Kots and Dmitry Steshin of Komsomolskaya Pravda, and a TV presenter connected with Rosneft in Ukraine. Maxin Oreshkin, chair of the board of Channel One, and Mikhail Leontiev, a Rosneft-linked TV executive, are among those affected. Brian McDonald, a former RT employee, is also listed.

In separate notices, Sergey Brilev of VGTRK, Alexander Zharov of Gazprom-Media, and others within the Rossiya Segodnya group, including RT, have come under sanctions. The actions reflect a broad effort to limit Russia’s messaging apparatus in Western markets.

A Komsomolskaya Pravda correspondent, Alexander Kots, commented in a post about the sanctions, saying there is little reason for disappointment, noting his ongoing travel plans and asserting that his recognition in the UK is a sign of international attention to front-line reporting.

March saw further restrictions aimed at VGTRK personnel and key executives within Gazprom-Media and related media holdings. The measures expanded to include additional Russian media entities and specific broadcasters linked to Kremlin propaganda.

Bankers, Senators, and Museum Directors

The new sanctions list features two notable bankers: Mikhail Zadornov, former chairman of Otkritie, and Dmitry Gusev, chairman of Sovcombank. These banks had already been cut off from the SWIFT network and were added to the UK and EU sanctions rosters.

The package also includes officials at the highest levels of government and parliament, such as Deputy Foreign Minister Nikolai Pankov and several federal lawmakers: Viktor Kress, Alexander Nekrasov, Valery Ponomarev, Eduard Rossel, and Ilyas Umakhanov. In the cultural sector, Alexander Shkolnik, director of the Central Museum of the Great Patriotic War, and Sergei Chemezov, head of Rostec, were targeted. Military-tech and manufacturing entities like the Moscow Institute of Physics and Technology, Izhmash – Unmanned Systems, Radioavionika OJSC, Baikal Electronics, and Kamaz were also affected.

Kingdom Sanctions

On 24 March, the UK extended sanctions to 59 individuals and Russian entities, including Gazprombank, Rosselkhozbank, Alfa-Bank, SMP-Bank, as well as state-backed rail and energy entities such as Russian Railways, Sovcomflot, and RusHydro.

Prominent figures, including Oleg Tinkov, the founder of Tinkoff Bank, and German Gref, head of Sberbank, were also targeted in this round. In a subsequent step, the British government restricted imports of luxury goods from Russia, including high-end woodwork, silverware, and caviar, and raised tariffs by roughly 35% on items valued at around £130 million from Russia and Belarus, encompassing rubber and diamonds. The export of luxury items to Russia was curtailed, and additional duties were placed on British imports from Russia such as alcohol, paper, art, and steel products.

Analysts at Telegram reported that the British economy could face a multi-year impact, with potential losses estimated at around £6.2 billion over the next nine years due to the sanctions on Russia. The analysis highlights that the greatest harm could come from restrictions on the supply of luxury brands like Aston Martin, Bentley, and Burberry bags. Industry sectors tied to oil products and technologies were also projected to suffer, with anticipated losses in computer-related manufacturing as well.

Citations: These assessments reference governmental releases and economic analyses published in the wake of the sanctions and are used to inform market expectations and policy discussions across the region.