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The UK has imposed sanctions on companies from Russia, China, the UAE and Turkey

Natasha Kumar By Natasha Kumar Jun13,2024

The UK has imposed sanctions on companies from the Russian Federation, China, the UAE and Turkey

The UK has included the Moscow Exchange, the National Clearing Center (NCC) and the National Settlement Depository (NSD) were included in the sanctions list, says the Office of Financial Sancions Implementation (OFSI), the British regulator responsible for applying sanctions.

The chairman of the board of the Moscow Exchange, Yuri Denisov, was also sanctioned.

The UK also added the St. Petersburg Exchange to the sanctions list.

OFAC (Office of Foreign Assets Control, a division of the US Treasury Department responsible for sanctions enforcement) has included the "Moscow Exchange" and NCC and NSD members of its group were included in the sanctions list on Wednesday.

Shortly after this, the Moscow Exchange announced that from June 13 it would not conduct trading in the dollar and euro. As the Bank of Russia explained, the cessation of euro trading is due to the fact that EU countries also comply with American sanctions. Transactions with these currencies will continue to be made on the over-the-counter market, and to determine the official exchange rates of the dollar and euro to the ruble, bank reports and information coming from digital platforms of over-the-counter trading will be used, the Central Bank said. On Thursday, the Bank of Russia announced its decision to suspend trading in the Hong Kong dollar to reduce risks.

The UK on Thursday included 42 individuals and legal entities in the Russian sanctions list, including companies from China, Israel, the UAE, Singapore and Kyrgyzstan , reports the British Ministry of Finance.

The sanctions list included the UAE company One Moon Marine Services, the Singaporean Red Box Energy Services, the Israeli Texel F.C.G. Technology, as well as Chinese companies SINO Machinery, Wuhan Tongsheng Technology, Hengshui Heshuo Cellulose Co.,Ltd, Hengshui Yuanchem Trading Limited and HK Hengbangwei Electronics Limited.

Sanctions were also imposed against Turkey-based companies Bosfor Avrasya Ic Ve Dis Ticaret Limited and Egetir Otomotiv Sanayi Ve Ticaret Limited.

The British Treasury document clarifies that the sanctions were imposed in connection with the aggression against Ukraine.

Prepared by: Nina Petrovich

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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