Russian sanctions: who has been hit and who might be next?
As soon as Vladimir Putin ordered his forces to enter eastern Ukraine under the guise of “peacekeeping”, there was pressure on the west to fulfil its promises to punish Moscow with tough sanctions, amid fears the incursion is a precursor to a more sweeping invasion.
The US initially responded with limited sanctions targeting investment and trade related to the Russia-controlled territories of Donetsk and Luhansk, while on Tuesday Boris Johnson announced what he called the “first barrage of UK economic sanctions against Russia”.
The prime minister told the Commons that the measures, imposed on five Russian banks – Rossiya, IS Bank, General Bank, Promsvyazbank and the Black Sea Bank – and three high net-worth individuals including Putin’s friend Gennady Timchenko, were just the “first tranche” and promised more. So who might be next?
Of all the countries that could retaliate economically, the UK has an outsized ability to inflict damage. There is thought to be more Russian gold in London than in any other city in the world. Not only in the Chelsea mansions that house the families of oligarchs, which have earned the capital the “Moscow-on-Thames” nickname, but on the London Stock Exchange (LSE).
Since the 1990s, companies whose shares are traded in Moscow have turned to London to raise money through what are known as secondary listings. They range from state-backed oil and gas producers Rosneft and Gazprom, to state-run banks VTB and Sberbank, to independent mining companies such as Nornickel that have no state ownership.
In total, 31 Russian companies are listed on the LSE, with a combined market value of £468bn, according to the data company S&P Global.
The companies are not only crucial to the Russian economy, they also
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