Cargo ship 'belonging to Russian bank that is pivotal' to country's defence sector and among those targeted by UK government sanctions against Moscow is SEIZED in the English Channel

 A cargo ship bound for St. Petersburg was intercepted in the English Channel early on Saturday as the latest trade sanctions begin to hit at the Russian economy.

The 416ft commercial boat named the 'Baltic Leader' is understood to belong to Promsvyazbank, one of the five major Russian banks which were hit with crippling EU sanctions this week, and was seized in the English Channel early on Saturday morning.Promsvyazbank was named in the House of Commons as one of five Russian state-owned financial institutions that would be hit with sanctions.

Meanwhile, a US Treasury document said 'Baltic Leader' was owned by Promsvyazbank, which was described as 'systemically important' to Russia's defence industry.

Maritime officers have been given the power to intercept and seize vessels suspected of contravening EU-backed sanctions of Russia in the wake of the Ukrainian invasion.  

In what is understood  to be the first instance of Russian assets being frozen while in transit, the boat was intercepted by customs officials near Honfleur, in Normandy, after departing from the French city of Rouen.

'Baltic Leader' a cargo ship bound for St. Petersburg was intercepted in the English Channel early on Saturday, as the latest trade sanctions begin to hit at the Russian economy

'Baltic Leader' departed from the French city of Rouen on Friday, February 25 before it was intercepted by French maritime officials and diverted to Boulogne-sur-Mer port in Normandy at around 3am local time (2am GMT)

Pictured: The cargo ship impounded in the port of Boulogne-sur-Mer, France on Saturday, February 26French authorities said the ship, which has been loaded with cars, belonged to a company suspected of violating trade sanctions linked to the ongoing war in Ukraine. 

'Baltic Leader' had arrived in the French city of Rouen on February 19 and spent almost six days docked there until departing on Friday night. 

The vessel had been expected to reach St. Petersburg on Thursday, March 3. 

Captain Véronique Magnin, regional communication officer for the maritime prefecture, said the ship was then diverted to the French port of Boulogne-sur-Mer between 3 and 4am (2/3am GMT) and that ongoing checks were being carried out by customs officials. 

Those aboard 'Baltic Leader' are said to be co-operating with the investigation. The process could take up to 48 hours. 

Captain Magnin said the boat is 'strongly suspected of being linked to Russian interests targeted by the sanctio

Captain Véronique Magnin, regional communication officer for the maritime prefecture, said the ship was diverted to the French port of Boulogne-sur-Mer (above) between 3 and 4am (2/3am GMT) and that ongoing checks were being carried out by customs officials

'Baltic Leader', a Ro-Ro Cargo vessel built 22 years ago, had been expected to dock in St. Petersburg on March 6. The ship sails under the flag of Russia.  

One official was quoted by the BBC saying: 'It has been taken to the French port after a request by the French government because it is suspected of belonging to a company targeted by EU sanctions against Moscow. 

'French boarder forces are currently investigating the cargo ship. Crew aboard the "Baltic Leader" has been cooperating with French authorities.'

The Russian embassy in France is said to be 'seeking explanations' from French authorities behind the seizure of one of its cargo ships.

A spokesperson in Paris told the Russian TASS news agency the boat's captain had called the embassy, which had then contacted French officials.