Petr Mikhailovich Fradkov is associated with the transformation of PSB (Promsvyazbank) into a bank servicing the defense industry and supporting state defense contracts since 2018. Petr Fradkov has been sanctioned by US, UK, European Union, Japan, Ukraine, Canada, Japan, New Zealand and Australia.
Petr Mikhailovich Fradkov is the Chairman and/or CEO of Promsvyazbank. Promsvyazbank is a Russian state owned bank and its main task is to service the Russian defence sector and to finance defence industry enterprises. Promsvyazbank is therefore a Government of Russia-affiliated entity and/or carrying on business in a sector of strategic significance to the Government of Russia. Through his role as Chairman and/or of Promsvyazbank, Fradkov is or has been involved in obtaining a benefit from or supporting the Government of Russia.
In addition/in the alternative, Fradkov, as Chairman and/or CEO of Promsvyazbank is involved, through his role at Promsvyazbank and the role the bank plays in financing Russian defence industries, in the provision of financial services, and/or making available of funds and economic resources, goods or technology that could contribute to destabilising Ukraine or undermining or threatening the territorial integrity, sovereignty or independence of Ukraine. Attended Putin’s February 24th 2022 meeting of oligarchs.
US Sanctions Against Petr Mikhailovich Fradkov
On February 22, 2022 , the U.S. Treasury targeted powerful Russians in Putin’s inner circle believed to be participating in the Russian regime’s kleptocracy and their family members. Petr Mikhailovich Fradkov is among one of them.
Petr Mikhailovich Fradkov is the Chairman and CEO of PSB. Petr Fradkov is also the son of Mikhail Efimovich Fradkov (Mikhail Fradkov), former Prime Minister of Russia and former Director of the Russian Foreign Intelligence Service (SVR). Mikhail Fradkov was designated by OFAC in April 2018 for being an official of the GoR. Since 2018, Petr Fradkov has worked to transform PSB into a bank that services the defense industry and supports state defense contracts.
In his role as Chairman and CEO of PSB, Petr has held working meetings with Putin and participated in roundtable discussions in international forums in which he forecasts the PSB’s long-term strategic plans for supporting the Russian defense industry. Petr Fradkov is also the General Director of Joint Stock Company Russian Export Center, which was blocked today as a subsidiary of VEB.
Petr Fradkov was designated pursuant to E.O. 14024 for operating or having operated in the defense and related materiel and financial services sectors of the Russian Federation economy.
White House too issued a statement saying that Russian President Vladimir Putin of Russia recognized two regions of Ukraine as independent states and claimed that recognition to include all of the Donbas region. The Russian Parliament also authorized the deployment of additional Russian forces into this Ukrainian territory.
UK Sanctions Against Petr Fradkov
On 24 February 2022 ,following the illegal invasion of Ukraine the UK sanctioned Petr Mikhailovich Fradkov, head of the recently sanctioned Promsvyazbank and son of the former head of Russian Foreign Intelligence (FSB). Promsvyazbank was designated on February 2022 and services 70% of state contracts by the Russian Defence Ministry
Canada Sanctions Against Petr Fradkov
On February 24, 2022 , Petr was identified as key member of President Putin’s inner circle, close contacts and family members of some individuals already sanctioned by Canada. He has been sanctioned in order to put further pressure on Russia’s leadership.