British Banks Will Have to Cut Ties to Sanctioned Oligarchs, U.S. Says
British Banks Will Have to Cut Ties to Sanctioned Oligarchs, U.S. Says Photo London has for decades served as a haven for Russia’s wealthiest families. Russian investors own swaths of high-end real estate there. Credit Andrew Testa for The New York Times LONDON — The United States on Tuesday ratcheted up its efforts to block Kremlin-linked industrialists from doing business in the West, warning that British banks will have to sever their relationships with the tycoons if they want continued access to American financial institutions.
Sigal P. Mandelker, a top American Treasury official in London to meet with her counterparts, said British banks could face “consequences” if they continued to carry out significant transactions on behalf of the 24 influential Russians sanctioned by Washington on Friday. The list includes the industrialists Oleg Deripaska and Viktor Vekselberg, along with Kirill Shamalov, who American officials have identified as President Vladimir V. Putin’s son-in-law.
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