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EU to include Sberbank, Russia's largest lender, on latest sanctions list

Updated: Sep 2, 2022

Today, EU ambassadors will discuss whether to include Sberbank, the largest lender in Russia, in the most recent round of sanctions.

All of Sberbank's assets in the West will be frozen, and all transactions will be completely prohibited, with the exception of financial operations for the trade in food and fertilizer. Sberbank was cut from the SWIFT payments system as part of the previous package.

According to Reuters, Sberbank will be permitted to process transactions resulting from the closure of its European subsidiary for a period of six months.

The latest list from the EU is also anticipated to include 48 people and nine entities, including Andrei Kozitsyn, the CEO of the enormous zinc and copper company UMMC. These include the actor Vladimir Mashkov and the Russian motorcycle club Night Wolves, which has 45 chapters worldwide.

According to reports, Mr. Kozitsyn is entitled to inclusion because he is "involved in economic sectors providing a substantial source of revenue to the government."

While Sergei Korolev, First Deputy Director of the Russian FSB will also be added, as he is “indicated as a potential replacement” for FSB supremo Alexander Bortnikov. 

According to Reuters, Maria Lvova-Belova, Russia's commissioner for children's rights, will also face consequences after being accused of being "one of the most involved persons in the illegal transportation of Ukrainian children to Russia and their adoption by Russian families."

Family members of people who have previously been sanctioned by the EU are also anticipated to be included in the most recent update. These people include Maya Bolotova, the daughter of Nikolay Tokarev, the head of the energy company Transneft, and Stanislav Chemezov, the son of Rostec Chairman.

Sergei Sobyanin, the mayor of Moscow, is also anticipated to receive sanctions, as well as Andrey Belousov, the first deputy prime minister of Russia, and the Ukrainian mayors of Mariupol and Kherson who were appointed by Russia.

Following Russia's invasion of Ukraine in February, the EU will sanction a total of 1,229 people and 110 companies in the most recent update.

To enable the trade in food, the bloc is anticipated to relax its sanctions against a few Russian banks. The release of funds could occur "after having determined that such funds or economic resources are necessary for the purchase, import or transport of agricultural and food products, including wheat and fertilisers," according to a draft document.


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