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New Sanctions Target Alfa Bank Founder: Sanctions Update

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.

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