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The U.K. on Wednesday sanctioned a Cypriot national for crafting offshore network for Russian oligarch Roman Abramovich (pictured in 2022). File Photo by Gokhan Mert/UPI
The U.K. on Wednesday sanctioned a Cypriot national for crafting offshore network for Russian oligarch Roman Abramovich (pictured in 2022). File Photo by Gokhan Mert/UPI | License Photo

April 12 (UPI) — The United States and the U.K. both imposed sanctions Wednesday on the financial network linked to Russian oligarch Alisher Usmanov, along with several other individuals and entities.

The Treasury Department sanctioned Cyprus national Demetrios Serghides, who handles financial matters for Usmanov. Serghides runs the Sister Trust, which belongs to Usmanov and his sister.

“As the Kremlin seeks ways around the expansive multilateral sanctions and export controls imposed on Russia for its war against Ukraine, the United States and our allies and partners will continue to disrupt evasion schemes that support Putin on the battlefield,” read a statement by Brian E. Nelson, under secretary of the Treasury for terrorism and financial intelligence. “Today’s action underscores our dedication to implementing the G7 commitment to impose severe costs on third-country actors who support Russia’s war.”

In total, the Treasury Department sanctioned 25 individuals and 29 entities across 20 jurisdictions for working with Usmanov. It also sanctioned a trust services company in Lichtenstein whose clients include Russian elites such as Gennady Timchenko, a Russian oligarch and billionaire.

Companies in China, Turkey, and the United Arab Emirates also were sanctioned for helping to procure for Russia, after it invaded Ukraine. The Treasury Department also sanctioned the International Investment Bank in Budapest for opening “the door for the Kremlin’s malign influence activities in Central Europe and the Western Balkans.”

On Wednesday the U.K. also sanctioned individuals who run the financial network for Russian oligarch Roman Abramovich. Specifically, the U.K. sanctioned two Cypriot nationals, Demetris Ioannides and Christodoulos Vassiliades, who craft offshore structures for Abramovich and Usmanov.

The U.K. also sanctioned Oksana Marchenko, the wife of former Ukrainian politician Viktor Medvedchuk, who is a close Putin ally.

“We are closing the net on the Russian elite and those who try to help them hide their money for war,” Foreign Secretary James Cleverly said in a statement.

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