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The UK has today (Wednesday 2 November) sanctioned 4 oligarchs who have enabled Putin to mobilise Russian industries to support his聽military聽effort.

Amongst those sanctioned today are Alexander Abramov and Alexander Frolov, who have been targeted for their聽involvement in the extractive, transport, and construction sectors.

The pair, known to be business associates of Roman Abramovich, previously owned major stakes in Russian steel manufacturer Evraz plc, are thought to have an estimated global net worth of 拢4.1 billion and 拢1.7 billion respectively, and聽are聽reported to have UK property investments worth an estimated 拢100 million.

The Foreign Secretary James Cleverly said:

Putin continues to rely on his cabal of selected elite to maintain control聽of聽his industrial complex and fuel his illegal聽invasion of聽Ukraine.聽Today we are sanctioning an additional four oligarchs who rely on Putin for their positions of authority and in turn聽fund聽his聽military machine.

By targeting these individuals, we are ramping up the economic pressure on Putin and will continue to do so until Ukraine prevails.

Also sanctioned today are Airat Shaimiev, who has an estimated global net worth of 拢902 million, and Albert Shigabutdinov, who has an estimated global net worth of 拢977 million.聽Like Abramov and Frolov, they are both subject to travel bans, asset freezes and transport sanctions.

The AO TAIF group,聽for聽which聽Shigabutdinov is the General Director and Chief Executive Officer (CEO),聽controls聽an estimated聽96% of chemical and petrochemical processing in the聽Tatarstan聽region聽of Russia,聽including the production of crude oil.聽They are聽also known聽as one of the world鈥檚 largest producers of synthetic rubber and a major producer of plastics.

Shaimiev is聽the CEO of state owned transport and construction company,聽OAO Tatavtodor.

Today鈥檚 designations expand聽upon the UK鈥檚 sanctions against聽oligarchs, targeting those who operate in the areas of strategic聽significance that prop up Putin鈥檚 industrial military machine.

The UK has sanctioned more than 1,200 individuals and 120 entities, including more than 120聽oligarchs with a net worth of more than 拢140 billion.

Background

• Alexander Grigoryevich Abramov is a former non-executive director of Evraz聽PLC. In this role, Abramov had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at聽Evraz聽PLC,聽an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector. Abramov鈥檚 net worth is reported to be an estimated 拢4.1 billion. Abramov is subject to a travel ban, asset freeze and transport sanctions

• Alexander聽Vladimirovich Frolov聽is a former director and former CEO of Evraz聽PLC. In this role,聽Frolov聽had been involved in obtaining a benefit from or supporting the Government of Russia by working as a Director at聽Evraz聽PLC, an entity carrying on business in sectors of strategic significance to the Russian government, namely, the extractive sector, the transport sector, and the construction sector.聽Frolov鈥檚聽net worth is reported to be an estimated 拢1.7 billion.聽Frolov聽is subject to a travel ban, asset freeze and transport sanctions

• Airat Mintimerovich Shaimiev is the CEO and a member of the board of directors of OAO Tatavtodor, a large state-owned transport and construction company which is engaged in the construction and servicing of public highways in Russia. In this role, Shaimiev had been involved in obtaining a benefit from or supporting the Government of Russia by working as the CEO at聽OAO Tatavtodor,聽an entity carrying on business in sectors of strategic significance to the Russian Government, namely, the transport sector, and the construction sector. Shaimiev鈥檚 net worth is reported to be an estimated 拢902 million. Shaimiev is subject to a travel ban, asset freeze and transport sanctions

• Albert Kashafovich Shigabutdinov is the General Director and CEO of the AO TAIF Group of companies, which comprises companies operating in the Russian energy, financial services and information, communications and digital technologies sectors. In this role, Shigabutdinov had been involved in obtaining a benefit from or supporting the Government of Russia by working as the CEO at聽AO TAIF Group of companies,聽an entity carrying on business in sectors of strategic significance to the Russian Government, namely, the energy, financial services and information, communications and digital technologies sectors.聽Shigabutdinov鈥檚 net worth is reported to be an estimated 拢977 million. Shigabutdinov is subject to a travel ban, asset freeze and transport sanctions

Asset freeze

An asset freeze prevents any UK citizen, or any business in the UK, from dealing with any funds or economic resources which are owned, held or controlled by the designated person. UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. It also prevents funds or economic resources being provided to or for the benefit of the designated person.聽

Travel ban

A travel ban means that the designated person must be refused leave to enter or to remain in the United Kingdom, providing the individual is an excluded person under section 8B of the Immigration Act 1971.聽

Transport sanctions

Recently introduced powers make it a criminal offence for any Russian aircraft to fly or land in the UK and give the government powers to remove aircraft belonging to designated Russian individuals and entities from the UK aircraft register, even if the sanctioned individual is not on board. Russian ships are also banned from UK ports.