UK hits key Russian oligarchs with sanctions worth up to £10 billion

The UK has today sanctioned Eugene Tenenbaum and David Davidovich, bringing the total number of oligarchs, family members and associates sanctioned to 106 since February.

Foreign Secretary, Liz Truss announced the government will freeze assets connected with the pair estimated to total up to £10 billion, the largest asset freeze action in UK history.

This will prevent these assets from being repatriated to Russia and used to fund Putin’s war machine.

In addition a travel ban has been placed on Davidovich.

These sanctions have been co-ordinated with action taken by the Jersey authorities earlier this week to impose a formal freezing order on assets suspected to be connected to Abramovich himself, valued in excess of £5 billion.

Foreign Secretary Liz Truss said:

We are tightening the ratchet on Putin’s war machine and targeting the circle of people closest to the Kremlin. We will keep going with sanctions until Putin fails in Ukraine. Nothing and no one is off the table.

Eugene Tenenbaum has described himself as one of Abramovich’s closest business associates. Corporate filings show that Tenenbaum took control of Ervington Investments Limited, an Abramovich-linked investment company, on 24 February immediately following Russia’s illegal invasion of Ukraine. Tenenbaum, who is a director at Chelsea Football Club, is subject to an asset freeze.

David Davidovich has been described by Forbes as “Abramovich’s much lower profile right hand man”, and took over Ervington Investments from Tenenbaum in March 2022. He is subject to an asset freeze and travel ban.

Sanctions imposed by the UK and its international partners are having deep and damaging consequences for Putin’s ability to wage war. Analysis shows Russia is heading for the deepest recession since the collapse of the Soviet Union with £275 billion – 60% of Russian foreign currency reserves – currently frozen.