U.S. extends Russia sanctions, adds Estonian bank to list

(Martin Dremljuga/ERR)
9/2/2016 10:30 AM
Category: Business

The United States have decided to extend the economic and trade sanctions imposed on Russia. Part of the newly updated list is an Estonian private bank, AS Krediidipank. The bank’s CEO, Andrus Kluge, wasn’t available for comment.

Krediidipank’s owners include BM-Bank PJSC, a Russian firm that owns a majority stake of 60%. Other shareholders are Nordea Bank Finland Plc with 10%, Luxembourg investment firm Saratoga Finance SPF with 10%, British Virgin Islands investment firm East European Capital Investment Ltd. with another 10%, Austrian Raiffeisen Bank AG with some 5%, and another 5% are owned by Estonian plc Radio Elektroniks.

The United States also added 17 Ukrainian separatists to their list, 11 of which are members of the government installed in Crimea by Russia after its annexation of the peninsula.

Companies added to the list include Bank Rossija subsidiary CJSC ABR Management, often referred to as Putin’s private bank, and Russian construction giants SGM Most and Moststrest.

There are also a number of companies on the list now that have been active in Crimea since the Russian takeover, among them wharfs and defense contractors.

The U.S. sanctions do not only apply to American banks and companies, but also to all of their foreign subsidiaries. The aim of the sanctions, according to the U.S. administration, is to cut off the people and companies on the list from the international capital markets and to limit their ability to do business.

Editor: Dario Cavegn

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