Former Colorado Gov. Bill Owens is the chairman of the supervisory board of the Credit Bank of Moscow, which has been barred by the Biden administration from issuing shares and debt in the U.S. after the Russian invasion of Ukraine.

The Credit Bank of Moscow is owned by investors and not the state. It is one of Russia’s largest banks.

Owens, a Republican, told The Colorado Sun that the bank has no ties to the Russian government and that it’s listed on the Russian stock exchange. He said that he’s not aware of the Credit Bank of Moscow planning to issue shares or debt in the U.S. regardless of the limitations, and he said he has no shares or debt in the bank.

“CBM has thousands of investors, including one of our largest — the European Bank of Reconstruction and Development,” Owens told The Sun in an email. “I represent these independent investors. … Our board has a majority of ‘western’ directors including two Americans, two Germans, as well as individuals from the U.K. and Finland.”

Roman Ivanovich Avdeev is listed as the Credit Bank of Moscow’s “main beneficial owner.” He created Rossium Concern LLC, a holding company that owns 55% of the bank’s shares, and is among the world’s wealthiest people. Avdeev is not among the Russians personally sanctioned by the U.S. and other nations.

Read more via The Colorado Sun.