Russia Ukraine conflict

UK freezes $13 billion in assets of two Russian oligarchs

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The UK on Thursday announced it was freezing assets worth around £10 billion ($13 billion) of two more Russian oligarchs, both longstanding business associates of Chelsea Football club owner Roman Abramovich.

The sanctions against Eugene Tenenbaum, a director of Chelsea, and David Davidovich bring the total number of oligarchs, family members and associates sanctioned by London to 106 since Russia invaded Ukraine in February.

London said the asset freeze, the largest in UK history, would cut key revenue sources for Russian President Vladimir Putin’s “war machine.”

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“We are tightening the ratchet on Putin’s war machine and targeting the circle of people closest to the Kremlin,” said Foreign Secretary Liz Truss.

“We will keep going with sanctions until Putin fails in Ukraine. Nothing and no one is off the table.”

A travel ban has also been placed on Davidovich, who is described by Forbes as “Abramovich’s much lower profile right hand man.”

Tenenbaum is one of Abramovich’s closest business associates, and took control of an Abramovich-linked investment company immediately following Russia’s invasion.

The British Crown dependency of Jersey said Wednesday it has frozen more than $7 billion (6.4 billion euros) in assets believed to be linked to Abramovich.

Britain last month slapped sanctions on the tycoon for his close links to Putin.

The billionaire has already been forced to put Chelsea Football Club, which he bought in 2003, up for sale.

Abramovich was also among the individuals listed under new sanctions adopted by the European Union in March.

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