UK sanctions now cover £18bn of Russian-owned assets

The UK government has frozen more than £18bn of assets belonging to oligarchs and other Russians under the sanctions regime brought in after Vladimir Putin’s invasion of Ukraine, the first official total reveals.

Sanctions have been imposed on 1,271 people – including the former Chelsea FC owner Roman Abramovich and the “Nickel King” Vladimir Potanin, Russia’s second richest person – according to the annual review of the Office of Financial Sanctions Implementation (OFSI), published on Thursday.

The value of assets frozen does not include properties; if the many UK houses of Russian oligarchs were included, the figure would be much larger.