What actually happens when an oligarch is sanctioned?

What actually happens when an oligarch is sanctioned?
Ukraine's Zelensky tells Danish parliament Russia sanctions must be tightened

The UK has sanctioned over 1,000 Russian oligarchs since the war in Ukraine began in February.

The sanctions target business people with high incomes, like Chelsea FC owner Roman Abramovich, as well of allies of Vladimir Putin — like prime minister Mikhail Mishustin, and former Russian president Dmitry Medvedev.

Other countries including the US and those in the EU have also sanctioned people and this is all part of a global strategy to put pressure on Putin to end the war.

But what does that actually entail?

Sanctioned individuals will have their assets like yachts and properties in the UK. frozen, meaning no citizen or company there can do business with them.

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This means the oligarch still owns them, but they are prevented from being used, sold or transferred. The government can only take ownership of the assets if there is proof they have been used in a crime and this process can take years.

So, in the case of Abramovich, Chelsea can't sell tickets for games, merchandise or buy and sell players but existing ticket holders can still attend matches.

Oligarchs are also banned from travelling to or from the UK. A jet linked to Russian billionaire Eugene Shvidler was impounded in the UK, for instance which means the government has detained it and stopped Russian aircraft from entering the territory and bans exports of space-related goods to Russia.

On March 15, the government passed a new economic crime bill to help sanction oligarchs. It also set up a new Register of Overseas Entities, requiring those behind foreign companies which own UK property to reveal their identities.

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