London Daily

Focus on the big picture.
Friday, Aug 22, 2025

The Russian bank, the Bruce Willis ad and the $900m sanctions battle

The Russian bank, the Bruce Willis ad and the $900m sanctions battle

Ministers warned that millions owed after alleged fraud by ex bosses of National Bank Trust could help fund Putin’s war effort
In one of Russia’s most high-profile marketing campaigns, film star Bruce Willis appeared in cinematic advertisements with a car chase and a rooftop rescue, ending with the slogan, “Trust is just like me, but a bank.”

The campaign for National Bank Trust in 2011 – which included cardboard cutouts of Willis popping up in 400 branches across Russia – was credited with raising the bank’s profile and boosting business.

Ministers are now under pressure to impose sanctions on the bank over its efforts to recover hundreds of millions of pounds in debts from the UK.

A decade ago, money was pouring in to the bank’s coffers from clients and large chunks were sent around the world in loans for a network of offshore companies. But it was subsequently alleged that the elaborate corporate structure incorporated fake documents and was a fraudulent scheme that concealed bad debts and enriched key executives.

Willis, whose family announced earlier this year he had the neurological disorder aphasia, had no knowledge of the alleged scheme.

The high court in London ruled in January 2020 that the bank was owed $900m (£735m) compensation from three former bosses, two settled in Britain, allegedly involved in the scheme. The bank is now seeking to recover money owed in the UK, but ministers face questions on whether sanctions will stop it getting the cash.

National Bank Trust is now majority owned by the Central Bank of the Russian Federation, so any money recovered in Britain could flow back to the Russian state.

Christine Jardine, the Liberal Democrat Treasury spokesperson, said: “There are too many question marks around the National Bank Trust and whether it is, in fact, able to channel funds to the Putin regime.

“We need crystal-clear answers about whether it is able to raise foreign cash, that the Kremlin is so desperate for, and send it back to Russia.

“The government must reassure the British public that sanctions are being applied to all Kremlin cronies without exception, and that National Bank Trust is in no position to help Putin fund his war chest. If it is, it must be sanctioned straight away.” Jardine has tabled parliamentary questions about whether the bank will be targeted with sanctions.

The Foreign Office announced economic sanctions targeting the Russian central bank on 28 February, four days after the invasion of Ukraine. The Foreign Office would not comment on whether National Bank Trust also faces sanctions.

The bank alleges its former majority owners – Ilya Yurov, former chair of the supervisory board, Nikolay Fetisov, its former president, and Sergey Belyaev – orchestrated a fraud to conceal bad debts and extract millions of dollars in salaries and bonuses. Russia tried to extradite Yurov from the UK in 2018, but the request was refused on the grounds he would not receive a fair trial.

Steptoe & Johnson, the legal firm that acted for the bank, said an English “fixer” called Benedict Worsley ran the bank’s offshore network, allegedly hiring a team in Cyprus which was “churning out fake documents in what only can be described as a document factory”.

Yurov and Fetisov said the offshore companies were properly used for “balance sheet management”, while Belyaev, who settled in the US, denied knowledge of the scheme. Worsley, who was not called to give evidence at the hearing but was described as a man who “likes to act like James Bond”, has said all decisions involving corporate administration were made by the bank’s owners or managers. The bank collapsed in December 2014 and required a state-backed bailout of more than 100bn rubles (£1.2bn).

The high court heard in 2018 that Yurov’s family properties, held in the name of his wife, Nataliya, included Oxney Court, a gothic manor house with a swimming pool and tennis court on the Kent coast bought for £4.1m in 2012; two properties in Cyprus; and three flats in Chelsea with a combined value of over £6m. The Fetisov family portfolio included a £4.25m mansion in Oxshott, Surrey; a £1.6m flat in Chelsea; and a residence near Moscow.

Mazars, the international accounting and advisory firm, announced in May 2020 that it was working as joint trustees in the bankruptcy of Yurov and Fetisov. It recently filed court applications to obtain bank statements linked to the case.

The firm was appointed by the business secretary on behalf of the high court and is seeking to recover the bankrupts’ assets for the benefit of creditors, including National Bank Trust.

Mazars said it complied with all sanctions and no transactions would occur with sanctioned entities or their subsidiaries without court permission. National Bank Trust did not respond to a request for comment.

UK officials say they are systematically sanctioning Russian individuals and organisations, but will not comment on specific cases. One official said: ‘“While he [Putin] continues this war, we will continue tightening the ratchet with further sanctions.”
Newsletter

Related Articles

0:00
0:00
Close
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
MSNBC Rebrands as MS NOW Amid Comcast’s Cable Spin-Off
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
Finnish MP Dies by Suicide in Parliament Building
Outrage in the Tennis World After Jannik Sinner’s Withdrawal Storm
William and Kate Are Moving House – and the New Neighbors Were Evicted
Class Action Lawsuit Against Volkswagen: Steering Wheel Switches Cause Accidents
Taylor Swift on the Way to the Super Bowl? All the Clues Stirring Up Fans
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Apple Expands Social Media Presence in China With RedNote Account Ahead of iPhone 17 Launch
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Cambridge Dictionary Adds 'Skibidi,' 'Delulu,' and 'Tradwife' Amid Surge of Online Slang
Bill Barr Testifies No Evidence Implicated Trump in Epstein Case; DOJ Set to Release Records
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
The CEO Who Replaced 80% of Employees for the AI Revolution: "I Would Do It Again"
Emails Worth Billions: How Airlines Generate Huge Profits
Character.ai Bets on Future of AI Companionship
China Ramps Up Tax Crackdown on Overseas Investments
Japanese Office Furniture Maker Expands into Bomb Shelter Market
Intel Shares Surge on Possible U.S. Government Investment
Hurricane Erin Threatens U.S. East Coast with Dangerous Surf
EU Blocks Trade Statement Over Digital Rule Dispute
EU Sends Record Aid as Spain Battles Wildfires
JPMorgan Plans New Canary Wharf Tower
Zelenskyy and his allies say they will press Trump on security guarantees
Beijing is moving into gold and other assets, diversifying away from the dollar
Escalating Clashes in Serbia as Anti-Government Protests Spread Nationwide
The Drought in Britain and the Strange Request from the Government to Delete Old Emails
Category 5 Hurricane in the Caribbean: 'Catastrophic Storm' with Winds of 255 km/h
"No, Thanks": The Mathematical Genius Who Turned Down 1.5 Billion Dollars from Zuckerberg
The surprising hero, the ugly incident, and the criticism despite victory: "Liverpool’s defense exposed in full"
Digital Humans Move Beyond Sci-Fi: From Virtual DJs to AI Customer Agents
YouTube will start using AI to guess your age. If it’s wrong, you’ll have to prove it
×