24th February, 2022
Chelsea owner Roman Abramovich was missing in the list of five Russian oligarchs hit by what the UK Prime Minister called “the largest and most severe package of economic sanctions” that the country has “ever seen”.
The sanctions were rolled out by Boris Johnson after Vladimir Putin launched the invasion of Ukraine.
Over 100 individuals, entities and subsidiaries will be sanctioned, including Russia’s biggest defence company and several oligarchs.
Oligarchs hit personally by the sanctions are:
– Kirill Shamalov, Russia’s youngest billionaire formerly married to Mr Putin’s daughter Katerina Tikhonova.
– Pyotr Fradkov, the head of sanctioned Promsvyazbank, and son of former head of FSB.
– Denis Bortnikov, the deputy president of VTB bank.
– Yury Slyusar, the director of United Aircraft Corporation, one of major defence organisations which is also being sanctioned.
– Elena Georgieva, the chair of the board of Novikombank, which bankrolls Rostec.
Abramovich was not listed. He now lives in Israel, where he holds Israeli and Portuguese nationalities.
Among the measures was a freeze on all Russian banks’ UK assets and a pledge to have the country blocked from the international payment system SWIFT.
And more oligarchs were hit with sanctions, including Russia’s youngest billionaire, who is the ex-husband of Putin’s daughter.
The prime minister told the Commons: “Now we see him for what he is – a bloodstained aggressor, who believes in imperial conquest.”
Mr Johnson said he had agreed with Nato allies a “massive” package of sanctions “designed in time to hobble the Russian economy”.
The Russian invasion was launched overnight, with President Putin telling the West any interference would lead to “consequences you have never seen.”
Ahead of launching his invasion, the strong-arm leader warned Ukrainians to “lay down your arms immediately and go home”.
“All Ukrainian soldiers who comply with this requirement can freely leave the area of military action and return to their families,” Putin said.
To support Ukrainians currently in the UK, the Home Office said it was relaxing visa rules so any on work, study or visit visas will have their visas temporarily extended or be able to switch onto different visa routes.
The government plans to freeze all UK assets of all major Russian banks with immediate effect, including an immediate freeze on the country’s biggest bank, VTB Bank.
Legislation will be introduced on Tuesday to prohibit all major Russian firms from raising finance in the UK and prevent the Russian state from raising sovereign debt in the UK.
The government is also looking to imminently ban all Russian Airlines – commonly known as Aeroflot – from landing in the UK.
All dual export licences on any items that could be used in the Russian military will be suspended immediately.
Within days all high tech exports and exports in the extractives industry (eg, oil refinery) to Russia will be prohibited.
Legislation will be introduced to limit deposits Russian nationals can hold in UK bank accounts.
The UK will work with allies to essentially shut off Russian access to SWIFT international payment system.
The full range of measures will be extended to Belarus given its ties to the Russian state.
Unexplained wealth orders will be strengthened under the economic crime bill which will be brought to Parliament before Easter recess.
On the oligarch sanctions, a diplomatic source said: “These are people who have international lifestyles.