British Bank to Serve Oligarch’s Fund Linked to Putin in London
Oligarchs Linked to Putin bring money to London. One of the largest banks in the United Kingdom is set to provide banking services for the fund of oligarch Vladimir Potanin in London. Potanin has close ties to Russian dictator Vladimir Putin.
The British lender is now listed as the provider of banking services for the London branch of Vladimir Potanin’s eponymous fund. Barclays obtained approval from the UK’s sanctions watchdog to offer banking services to Guy Hollander. He is an individual working at the accounting firm Mazars LLP. British regulators appointed Hollander as the independent temporary manager of Potanin’s fund.
Oligarchs Linked to Putin in London
“Sanctions Office of the Treasury issued a license to Mr. Hollander for opening an account for managing the assets of the charitable organization. And Barclays opened an account for Mr. Hollander as the temporary manager in accordance with this license,” stated a representative from Barclays.
As a result, Barclays began providing the license over a year after JPMorgan severed ties with Potanin’s fund. JPMorgan liquidated the investment portfolio it managed for the fund, transferring the proceeds to an independent manager. Banks fear potential severe fines for independently violating sanctions against Russia. Hence, they exercise extreme caution regarding anyone perceived as a sanctions risk. Governments worldwide are increasingly cautioning banks against excessive compliance measures.
Who is Vladimir Potanin
Vladimir Potanin is a Russian entrepreneur, state, and political figure. Additionally, Potanin is the owner and president of the management company Interros, one of the largest in Russia. Also he is the president of Norilsk Nickel, founder of the Potanin Foundation.
For instance, U.S. Department of the Treasury and the State Department imposed sanctions against Potanin in December of the previous year. The sanctions targeted financial companies affiliated with Vladimir Potanin, members of his family, and the network of his businesses and institutions.