What happens when assets are frozen - and what sanctions against Abramovich mean for Chelsea

10.03.2022 - 17:45 / manchestereveningnews.co.uk

Chelsea owner and Russian-Israeli billionaire Roman Abramovich has been sanctioned by the British government and his assets frozen.

It comes as the UK toughens its sanctions on Russia and Russian individuals with assets in the country amid the continuing invasion of Ukraine.

Mr Abramovich is among seven oligarchs targeted by the UK in a hit worth an estimated £15 billion - the latest wave of financial sanctions imposed by the UK. Abramovich's one-time business partner, leading industrialist Oleg Deripaska has also been sanctioned.

Read more: Ukrainian nationals with passports can apply for UK visas in bid to speed up process

The sanctions were announced today by Foreign Secretary Lizz Truss who stated there is now a full asset freeze and travel ban on seven of Russia's wealthiest and influential oligarchs whose business is linked closely with the Kremlin.

In response to the measures, Prime Minister Boris Johnson said: "There can be no safe havens for those who have supported Putin’s vicious assault on Ukraine.

"Today’s sanctions are the latest step in the UK’s unwavering support for the Ukrainian people. We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies."

Liz Truss echoed the Prime Minister's words, saying: "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.

"The blood of the Ukrainian people is on their hands. They should hang their heads in shame. Our support for Ukraine will not waver. We will not stop in this mission to ramp up the pressure on the Putin regime and choke off funds to his brutal war