Rosbank UK sanctions - do they apply for Scotland LP company?

[Serni]

I am Israeli citizen, one of the partners of Scotland LP company.
Several days ago UK applied personal sanctions on Potanin, owner of Rosbank, where my LP has the banking account.
Does it mean I have to close my bank account in Rosbank not to break the law? What kind of problems I can meet if I don't do that?

 

[Sols]

The sanctions aren't against you. You are not legally liable simply by having an account there.

However, you might want to move the money out ASAP if you still can. Things are going to get worse before they get better.

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This is the probably the answer to your question.

 

[Jerry1911]

I agree with Sols and also have a question for you - how was the opening process like at Rosbank for a Scottish LP? Any minimum deposit? I'm obviously not planning to open an account there, just asking out of curiosity.

 

[Serni]

Jerry1911 said:
I agree with Sols and also have a question for you - how was the opening process like at Rosbank for a Scottish LP? Any minimum deposit? I'm obviously not planning to open an account there, just asking out of curiosity.
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Oh it was very good before 24.02 - very cheap and smooth, fees were very small. No minimum deposit at all. Opening was not so easy, but manageable.

Sols said:
The sanctions aren't against you. You are not legally liable simply by having an account there.

However, you might want to move the money out ASAP if you still can. Things are going to get worse before they get better.
Click to expand...

So I can use my bank account with my Scotland company and it doesn't mean I am breaking the UK sanctions by it?

 

[Sols]

Serni said:
So I can use my bank account with my Scotland company and it doesn't mean I am breaking the UK sanctions by it?
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Correct. It is not illegal to use a sanctioned bank as an account holder. It would be illegal to provide services to the bank or be a bank and send/receive transactions from them. But individual account holders are not liable.

So, for example, you will not be able to send/receive transactions to/from the bank to/from a bank in the UK or other territory which has sanctioned it.

Of course, double check with a lawyer. But that's how sanctions normally work.

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This is the probably the answer to your question.

 

[Forester]

Serni said:
So I can use my bank account with my Scotland company and it doesn't mean I am breaking the UK sanctions by it?
Click to expand...

Sols said:
Correct. It is not illegal to use a sanctioned bank as an account holder. It would be illegal to provide services to the bank or be a bank and send/receive transactions from them. But individual account holders are not liable.

So, for example, you will not be able to send/receive transactions to/from the bank to/from a bank in the UK or other territory which has sanctioned it.

Of course, double check with a lawyer. But that's how sanctions normally work.
Click to expand...

Well, the situation can be even more complicated. @Serni is an Israeli citizen, and if he is now outside the UK, British jurisdiction does not concern him personally, just his Scottish company; but at the same time, there can be some Israeli measures (altough I doubt, Israel is not engaging in Russia-Ukraine conflict, IIRC). So it is worth consulting UK lawyer and Israeli lawyer as well.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...