Russian President Vladimir Putin has approved a sanctioned Russian bank to take over the securities assets of a defunct London brokerage firm. This move may bypass existing sanctions mechanisms and make the UK authorities unable to prevent the transfer of relevant assets. According to people familiar with the matter, Putin signed a presidential decree in September allowing Credit Bank of Moscow to dispose of Russian corporate shares held by the British company Sova Capital Ltd without the consent of the British manager Teneo Financial Advisory Ltd.

Russian President Vladimir Putin has approved a sanctioned Russian bank to take over the securities assets of a defunct London brokerage firm. This move may bypass existing sanctions mechanisms and make the UK authorities unable to prevent the transfer of relevant assets. According to people familiar with the matter, Putin signed a presidential decree in September allowing Credit Bank of Moscow to dispose of Russian corporate shares held by the British company Sova Capital Ltd without the consent of the British manager Teneo Financial Advisory Ltd.