New Sanctions Target Alfa Bank Founder: Sanctions Update
3/16/2022
A fresh round of sanctions from both the European Union and the U.K. were announced Tuesday, March 15.
The U.K. added more than 370 names to their sanctions list. New additions include Mikhail Fridman, founder of Alfa Bank, Russia’s largest private bank, and his business partners German Khan and Petr Aven.
Fridman was one of the first and one of the few Russian oligarchs to release a statement against Russia's invasion of Ukraine. According to the Financial Times, in a February 27 letter to his staff, Fridman wrote, "I am a businessman with responsibilities to my many thousands of employees in Russia and Ukraine. I am convinced however that war can never be the answer. This crisis will cost lives and damage two nations who have been brothers for hundreds of years.”
The E.U. sanctions include bans on Russian energy sector investments, luxury goods exports to Moscow and imports of steel products from Russia.
Related sanctions news:
- ECB tells banks to watch all Russian clients in widening of sanctions net (International Business Times)
- Ukraine Crisis May Reshape Role Of Central Bank Digital Currency, Says Ex-BOJ Official (International Business Times)
- How to Tell If Sanctions Are Hitting the Russian Economy (WSJ)
- Russians are buying so much gold amid the ruble's collapse that the central bank halted its own purchases from banks (Business Insider)
- What a Russia debt default would mean for financial markets as Ukraine invasion continues (MarketWatch)