Britain has imposed sanctions on individuals and companies accused of helping Russian oligarchs Roman Abramovich and Alisher Usmanov avoid the cost of sanctions imposed following Russia’s invasion of Ukraine. The UK Foreign Office stated that the new measures would target those who help the two businessmen hide their money for war. The government has frozen the assets of both oligarchs since February last year.
The targeted sanctions are aimed at Demetris Ioannides and Christodoulos Vassiliades, two Cypriots described as “professional enablers” who assisted in creating offshore structures and trusts. Britain is also cracking down on the Russian elite and those who aid them in hiding their assets, according to foreign minister James Cleverly. The government intends to continue to cut off the assets that they thought were well hidden.
The move is part of a broader campaign by the UK government to target the financial enablers of the Russian elite. The sanctions demonstrate the government’s willingness to take action against those who facilitate the Russian elite’s efforts to circumvent sanctions. The UK’s commitment to tackling illicit finance will help to protect the international financial system from corruption and money laundering.
Source: Aljazeera
