West targeting names close to Russian president, banks with new sanctions

New sanctions imposed by the US, UK and the European Union are targeting some names close to Russia’s president and Russian banks following Moscow’s decision to officially recognize the so-called administrations of two separatist regions in eastern Ukraine.

While the activities of some Russian banks in international markets were restricted with the announced sanctions, some Russian “oligarchs” who are known to be close to Vladimir Putin were also targeted.

It is noteworthy that the sanctioned banks do not carry much weight in the Russian economy and include Sberbank and VTB Bank as well as Gazprombank, where energy revenues are collected.

UK sanctions against Russia involve Rossiya Bank, IS Bank, General Bank and Black Sea Bank as well as oligarchs Gennady Timchenko, Igor Rotenberg and Boris Rotenberg.

Banks on the US Treasury Department’s sanctions list included VEB and Promsvyazbank.

The EU’s sanctions affect 351 members of Russia’s State Duma and 27 individuals who provide financial support to the separatist regions of Luhansk and Donetsk in Ukraine.

Putin announced Monday that Moscow was recognizing Ukraine’s breakaway regions of Luhansk and Donetsk as independent states, followed quickly by sending troops there to “maintain peace.”