UK Sanctions Russian Oligarch Roman Abramovich

The United Kingdom on March 10 imposed sanctions against Russian oligarch Roman Abramovich in response to the Russian invasion of Ukraine.

UK Foreign Secretary Liz Truss announced a full asset freeze and a travel ban on Abramovich, the owner of the Chelsea Football Club.

As part of the sanctions, no UK citizen or company can engage in business with the oligarchs.

Abramovich has stakes in steel giant Evraz and Norilsk Nickel and is worth over £9 billion ($11 billion).

The UK government also sanctioned six other Russian oligarchs who are closely associated with the Kremlin.

The other sanctioned oligarchs include Abramovich’s one-time business party Oleg Deripaska, who has a multi-million pound property portfolio in the UK; Igor Sechin, the Chief Executive of Russian state oil company Rosneft; Andrey Kostin,  Chairman of VTB bank, the second largest bank in Russia; Alexei Miller, Chief Executive of energy company Gazprom; Nikolai Tokarev, president of the Russia state-owned pipeline company Transneft; and Dmitri Lebedev, Chairman of the Board of Directors of Bank Rossiya.

The oligarchs have a collective net worth of around £15 billion ($19 billion).

“Today’s sanctions show once again that oligarchs and kleptocrats have no place in our economy or society. With their close links to Putin, they are complicit in his aggression,” Truss said.

“The blood of the Ukrainian people is on their hands. They should hang their heads in shame,” Truss also said.

The sanctions came before the Economic Crime Bill comes into force next week, which will “significantly simplify the process of imposing sanctions.”

According to the government, the bill will “allow the UK to more easily sanction individuals, stop oligarchs threatening the UK with multi-million pound lawsuits for damages at the taxpayer’s expense, and also allow the UK to mirror allies’ designations.”

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