LONDON, United Kingdom, April 12 – The UK government on Wednesday unveiled its latest sanctions over Russia’s invasion of Ukraine, targeting “those who have knowingly assisted” sanctioned Russian oligarchs such as former Chelsea owner Roman Abramovich.
The new punitive measures hit Demetris Ioannides and Christodoulos Vassiliades, two Cypriot “professional enablers” who Britain accuses of aiding Abramovich and ex-Arsenal shareholder Alisher Usmanov.
Ioannides crafted “murky offshore structures” used by Abramovich to hide over £760 million in assets before being sanctioned last year, while lawyer Vassiliades developed trusts and offshore companies utilised by Usmanov, the government said.
Kremlin-linked oligarch Usmanov also saw his financial network — including companies USM, Curzon Square Limited and Hanley Limited — sanctioned, the UK’s Foreign Commonwealth and Development Office (FCDO) announced.
“We are closing the net on the Russian elite and those who try to help them hide their money for war,” Foreign Secretary James Cleverly said in a statement, vowing there would be “no place to hide”.
“Together with our international partners the UK will continue to crack down on those who are supporting the war. We won’t stop until (Russian President Vladimir) Putin does.”
The FCDO — which has announced several tranches of sanctions over the last 14 months — said its latest also target family members of oligarchs, who are used as “proxies to hide their assets”.
They include Ukrainian TV presenter Oksana Marchenko, whose Ukrainian tycoon husband Viktor Medvedchuk was a former lawmaker sent to Russia alongside his spouse in a prisoner swap last year.
Once seen as Putin’s top ally in Kyiv, Marchenko was dubbed the “dark prince” of Ukrainian politics.
His wife owns multiple luxury properties in Crimea, according to the FCDO.
Despite the tough talk from London and other Western capitals, multiple reports have emerged of various sanctions evasion techniques and schemes.
Earlier this month, the Financial Times reported a UK business registered to a terraced house in a north London suburb appeared to have arranged the sale of more than a billion dollars’ worth of electronics into Russia over the previous year.
Numerous oligarchs, including Abramovich and Usmanov, have filed lawsuits against sanctions in Britain and the EU.
