logo
Former Russian minister jailed for breaching UK sanctions

Former Russian minister jailed for breaching UK sanctions

Yahoo11-04-2025

A former Kremlin minister has become the first person to be convicted and jailed for breaching Britain's sanctions on Russia.
Dmitrii Ovsiannikov, who was Vladimir Putin's deputy minister for industry and trade between 2015 and 2016, was sentenced to nearly three and a half years in prison after his wife transferred £76,000 into a British bank account when he knew he was prohibited from doing so.
The 48-year-old also served as the governor of Sevastopol, in Russian-occupied Crimea, between 2017 and 2019, before his expulsion from Russia's ruling party in 2020. His assets were frozen by the EU and the UK in November 2017.
He resigned from his position as governor in July 2019 and later travelled to Turkey from Russia, where he applied for a British passport. This was granted in January 2023 because his father was born in the UK.
Alexei Owsjanikow, 47, Ovsiannikov's brother, was spared jail after being convicted of two counts of circumventing sanctions by paying school fees of £41,027 for Ovsiannikov's children.
He was sentenced to 15 months in prison, suspended for 15 months, and was previously cleared of a further three counts of breaching sanctions including buying a Mercedes-Benz worth £54,500 and arranging car insurance for Ovsiannikov.
Ovsiannikov's wife Ekaterina, who watched the hearing from the public gallery, was previously cleared of four counts of circumventing sanctions by assisting with payments totalling £76,000 to her husband in February 2023.
The brothers brought packed bags into the dock in case of a custodial sentence.
The jury at Southwark Crown Court failed to reach a verdict on the charge that Ovsiannikov deliberately avoided sanctions by opening the Halifax account.
Julius Capon, of the Crown Prosecution Service (CPS), said: 'The sanctions regime was introduced against key individuals in an attempt to encourage Russia to cease military actions in foreign countries because it was hoped those with power will be hampered in doing their normal international business dealings.
'Dmitrii Ovsyannikov was a high-profile official who was appointed by President Vladimir Putin as the governor of Sevastopol after Crimea was illegally annexed by Russia. He knew he had been on the UK sanctions list since 2017, but choose to ignore this.
'Another member of his family sought deliberately to breach the sanctions to live their own lavish lifestyle and show complete disregard for the law. We hope this send a clear message that the CPS and National Crime Agency investigators will work closely together to robustly seek the convictions of sanction busters.
'We will start proceeds of crime proceedings to get back illegally obtained cash and assets.'
Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gabbard Warns Global Nuclear Annihilation Is Closer Than Ever
Gabbard Warns Global Nuclear Annihilation Is Closer Than Ever

Bloomberg

time12 minutes ago

  • Bloomberg

Gabbard Warns Global Nuclear Annihilation Is Closer Than Ever

Tulsi Gabbard, the US director of national intelligence, released a video Tuesday warning that the world is closer to nuclear war than ever and accusing unnamed political elites of trying to foment conflict between world powers. Gabbard didn't cite any countries by name but her remarks echoed longtime claims by Russian officials and, more recently, by far-right commentators in the US who have warned that a Ukrainian drone attack on Russia's strategic bomber fleet earlier this month made nuclear war more likely.

BP Takeover Appears Unlikely Due to Size and Complexity
BP Takeover Appears Unlikely Due to Size and Complexity

Yahoo

time23 minutes ago

  • Yahoo

BP Takeover Appears Unlikely Due to Size and Complexity

BP plc's BP potential takeover appears highly unlikely at present, according to senior bankers at Moelis & Co., who cite the British oil major's vast size and operational complexity as major barriers to acquisition, per a Bloomberg report. Speaking to Bloomberg, Stephen Trauber, Moelis Chairman and Global Head of Energy and Clean Technology, indicated that there is no obvious buyer for BP at present, especially not from the United States. He added that even on a global scale, few potential acquirers see BP's assets as essential. Shell Plc SHEL is seen as the most compatible acquirer in terms of asset synergies and regulatory feasibility, according to Trauber. However, Shell's earlier shift toward traditional oil and gas, and its current stronger market positioning make a deal less attractive from its side. That said, Trauber acknowledged that there is a good chance of a tie-up in the future, particularly if BP's valuation remains subdued and Shell continues to strengthen its balance sheet. In such a scenario, strategic alternatives may need to be reassessed. BP's $20 billion divestment plan is encountering headwinds, with its lubricants unit, Castrol, standing out as a particularly difficult asset to offload. According to Moelis, the business has a narrow pool of potential buyers, making a successful sale uncertain, even under competitive conditions. The company may also consider selling its high-quality oil assets in the United States that may attract strong interest. However, such a move could trigger broader concerns about BP's future strategy, as highlighted by Moelis Managing Director Muhammad Laghari. For now, the consensus among energy dealmakers is that a BP takeover remains a distant prospect. While strategic realignments and market dynamics could change the picture in the future, BP's scale, asset mix and valuation challenges make any near-term acquisition highly improbable. BP currently carries a Zack Rank #5 (Strong Sell). Investors interested in the energy sector may look at a couple of better-ranked stocks like Subsea 7 S.A. SUBCY and Energy Transfer LP ET. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore. The Zacks Consensus Estimate for SUBCY's 2025 EPS is pegged at $1.31. The company has a Value Score of A. Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer's systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line. The Zacks Consensus Estimate for ET's 2025 EPS is pegged at $1.44. The company has a Value Score of A. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP) : Free Stock Analysis Report Energy Transfer LP (ET) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research

How finance can clean up Ireland's ageing fleet
How finance can clean up Ireland's ageing fleet

Yahoo

time23 minutes ago

  • Yahoo

How finance can clean up Ireland's ageing fleet

Ireland's vehicle fleet is getting older, and dirtier, at a time when cleaner transport is more urgent than ever. The CEO of Close Brothers Motor Finance Ireland argues that with the right finance tools and industry collaboration, Ireland can upgrade its roads without breaking the bank. As the world works collectively to meet the challenge of climate change, motorists too are doing their part. The International Energy Agency estimates that sales of newer, zero emissions vehicles exceeded 17 million in 2024, more than a fifth of global car sales. The picture isn't uniform however and some countries are doing better than others. While the average age of motor vehicles in Ireland compares well to EU averages, the average age of cars on Irish roads has increased from 5.8 years at the start of 2008, to 9.9 years now according to the Society of Irish Motor Industry . SIMI also estimates that nearly half the cars on Irish roads are 10 years old or more. We recently crunched the latest data from the Irish statistics office (the CSO) meanwhile and discovered that nearly 20% of Irish cars were registered in 2010 or before. There are any number of reasons for this. The boom years of the Celtic Tiger for example were a time of great prosperity in Ireland. Since then, incomes and spending power have been hit by factors ranging from Covid to the cost of living and, latterly, nervousness around American tariffs. And with inflation in Ireland having increased again in the spring, consumer sentiment remains muted. With consumers less willing to spend on newer vehicles, Ireland could find itself beginning to lag when it comes to the twin challenges of tackling climate change and improving air quality. Older vehicles are less efficient than newer models with the UN Environment Programme arguing that "ageing cars are bogging down the battle against climate change". Not only this, older cars also have more of an impact on air quality. Ireland's Environment Protection Agency warned only last year that Ireland might fall short of WHO air quality targets. So, Ireland's ageing vehicles are not only more prone to breakdown, but could be impacting health and the environment. With the Irish buying on average 2.5 used cars for every new car sold, it's vital that newer and more efficient second hand vehicles start replacing Ireland's older vehicles. This could have an immediate impact on safety and air quality and also help Ireland deliver on sustainability. The cost of living however continues to put pressure on household budgets, and car prices in Ireland remain stubbornly high. So upgrading Ireland's car isn't easy. As lenders, we can't alleviate the cost of living or apply cost controls to the car market. There are levers we can pull however, which can help Ireland upgrade its ageing fleet and clean up her roads. As an example, we recently launched an innovative PCP product that attaches a minimum future value to the vehicles we lend against. A recurring conversation I have with dealers in Ireland is about the risk of second-hand vehicle depreciation. At the end of a PCP contract a vehicle is often returned to the dealer. But what if since selling the vehicle an economic shock has impacted used car prices? This could leave a dealer out of pocket so dealers are disincentivised from offering PCP deals. This is despite widespread consumer demand due to the lower repayments PCP deals typically come with and therefore the greater range of newer - and crucially cleaner - vehicles they make available. A future minimum value guarantee on the vehicle makes things far more predictable for motor dealers, meaning offering PCP and upgrading Ireland's fleet is more achievable. Our product demonstrates what an innovative approach to motor finance can achieve when it comes to ensuring cleaner and safer roads. All of which means that Ireland can hopefully get a new set of wheels as we drive for greater sustainability in the used car market. "How finance can clean up Ireland's ageing fleet" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store