Britain has been accused of opening a loophole in sanctions designed to hobble the
Putin regime by granting one of Moscow’s biggest banks an “absurd” month-long exemption from the enforcement of an assets freeze.
Prime Minister Boris Johnson announced last Thursday that the state-owned VTB Bank, which is the second-largest Russian bank and its largest investment bank, was the subject of a “full and immediate” asset freeze in the UK as part of the Government’s attempts to help derail
Vladimir Putin’s invasion of Ukraine by targeting key finance houses.
But the following day the Treasury unit in charge of enforcing the UK’s sanctions quietly issued a 30-day licence granting permission for any individual or entity to “wind down any transactions” with VTB until 27 March.