- The Government announces UK has
today sanctioned Eugene Tenenbaum and David Davidovich
- Action against Roman Abramovich’s
longstanding business associates will freeze assets estimated to
be worth up to £10 billion
- The measures, combined with others
announced to date, cut key revenue sources for Putin’s war
machine
The UK has today sanctioned Eugene Tenenbaum and David
Davidovich, bringing the total number of oligarchs, family
members and associates sanctioned to 106 since February.
Foreign Secretary, announced the Government will freeze assets connected
with the pair estimated to total up to £10 billion, the largest
asset freeze action in UK history.
This will prevent these assets from being repatriated to Russia
and used to fund Putin’s war machine.
In addition a travel ban has been placed on Davidovich.
These sanctions have been co-ordinated with action taken by the
Jersey authorities earlier this week to impose a formal freezing
order on assets suspected to be connected to Abramovich himself,
valued in excess of £5 billion.
Foreign Secretary said:
“We are tightening the ratchet on Putin’s war
machine and targeting the circle of people closest to the
Kremlin. We will keep going with sanctions until Putin fails in
Ukraine. Nothing and no one is off the table.”
Eugene Tenenbaum has described himself as one of Abramovich’s
closest business associates. Corporate filings show that
Tenenbaum took control of Evrington Investments Limited, an
Abramovich-linked investment company, on 24 February immediately
following Russia’s illegal invasion of Ukraine. Tenenbaum, who is
a director at Chelsea Football Club, is subject to an asset
freeze.
David Davidovich has been described by Forbes as “Abramovich’s
much lower profile right hand man”, and took over Evrington
Investments from Tenenbaum in March 2022. He is subject to an
asset freeze and travel ban.
Sanctions imposed by the UK and its international partners are
having deep and damaging consequences for Putin’s ability to wage
war. Analysis shows Russia is heading for the deepest recession
since the collapse of the Soviet Union with £275 billion – 60% of
Russian foreign currency reserves – currently frozen.
Background
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.
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.
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.
Individuals and entities sanctioned
- Eugene Tenenbaum, a Director at
Chelsea Football Club and has described himself as one of
Abramovich’s closest business associates. Corporate filings show
that Tenenbaum took control of Evrington Investments Limited, an
Abramovich linked investment company, on 24 February following
the Russian invasion. Tenenbaum is subject to an asset
freeze.
- David Davidovich, described by
Forbes as “Abramovich’s much lower profile right hand man”.
Davidovich took over Evrington Investments from Tenenbaum in
March 2022. Davidovich is subject to a travel ban and asset
freeze.
