Britain imposes sanctions on the “financial intermediaries” of the Russian oligarchs | Ukraine and Russia war

Since the start of the war, the British government says it has frozen more than €20 billion in Russian assets. Oligarchs try to protect their assets with the help of financial intermediaries.

Abramovich had to sell London soccer club Chelsea after the Russian invasion of Ukraine in February 2022. Usmanov, on the other hand, had a stake in Arsenal and, according to The Guardian, maintained close ties with Everton, the English Red Devil club. Amadou Onana.

They have no place to hide

British Home Secretary James Cleverly talks about the Russian oligarchs and their fortunes

Cypriots Demetris Ioannides and Christodoulos Vasiliades, among others, are subject to the new sanctions. According to the ministry, Ioannidis is responsible for the offshore construction in which Abramovich has hidden more than 863 million euros of assets after being sanctioned. The British sanctions also target Usmanov’s financial and business network and relatives of his business partner Andrei Scotch.

“They have nowhere to hide,” British Home Secretary James Cleverly warned in a press release. “We continue to shut down assets that the Russian oligarch thought were well hidden. And the UK, with international partners, will continue to crack down on those who support the war.”