UK sanctions Russia's Novikombank

The U.K. extended its sanctions list to include Russia's Novikombank, a bank owned by the Russian state conglomerate Rostec, the U.K. government announced on Dec. 15.

London has already sanctioned over 1,600 individuals and more than 200 entities over Russia's aggression against Ukraine.

The British government imposed a "prohibition on correspondent banking relationships and processing payments" on Novikombank.

The industrial bank, specializing in machinery, high-tech, and oil and gas industry, was "involved in obtaining a benefit from or supporting the government of Russia," the U.K. said.

The majority of Novikombank's shares are held by Rostec, a state-owned conglomerate that includes 11 defense-industry holdings and is involved in Russia's military production.

Earlier this week, the U.K. presented a new unit, the Office of Trade Sanctions Implementation (OTSI), to help combat companies that are circumventing sanctions, including those against Russia.

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