November 3, 2022

UK sanctions 4 oligarchs linked to sectors of major significance to Russia’s military

On November 2, 2022, the UK Office of Financial Sanctions Implementation sanctioned 4 additional oligarchs under The Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019/855) which authorizes the UK to freeze funds and economic resources of persons and entities involved in destabilizing Ukraine or threatening its territorial integrity, or obtaining a benefit from or supporting the Government of Russia. The oligarchs were sanctioned for operating in an area of strategic significance to Putin’s industrial military machine.  As a result, the four are subject to travel bans, asset freezes and transport sanctions in the UK.

The Foreign, Commonwealth & Development Office reports that Alexander Abramov and Alexander Frolov were targeted because of their ownership interests in Russian steel manufacturer Evraz and their involvement in Russia’s extractive, transport, and construction sectors. Abramov and Frolov also reportedly have investments in UK property worth an estimated £100 million.  In addition, Airat Shimiev was sanctioned as the CEO of OAO Tatavtodor, a business with strategic significance in Russia’s transport and construction sectors.  Finally, Albert Shigabutdinov was sanctioned as the General Director and CEO of major petrochemical company AO TAIF group, responsible for 96 percent of the chemical and petrochemical processing the Tararstan region of Russia, a major producer of plastics, and known as one of the largest producers of synthetic rubber in the world.

UK Government Press Release | OFSI Financial Sanctions Notice