UK Cracks Down on Russian Oligarch Money Mules
The UK government has unveiled fresh sanctions aimed at those helping Russian oligarchs dodge the full impact of punishing sanctions. The new crackdown targets financial fixers and family members who have been shielding dirty cash behind complex offshore networks.
Who’s in the Crosshairs?
- Demetris Ioannides and Christodoulos Vassiliades—Cypriot enablers linked to Putin cronies Roman Abramovich and Alisher Usmanov—have been hit with sanctions.
- Usmanov’s tangled web of companies, including USM, Curzon Square Limited, and Hanley Limited, are now frozen and blacklisted.
- Family members acting as asset proxies for oligarchs are also sanctioned, closing every loophole.
Foreign Secretary James Cleverly announced the measures on Wednesday, 12 April. “We are closing the net on the Russian elite and those who try to help them hide their money for war,” he said. “There’s no place to hide. We will keep cutting them off from assets they thought were successfully hidden.”
How Oligarchs Hide Their Millions
Following Putin’s illegal invasion of Ukraine, over £18 billion worth of Russian and allied assets have been frozen in the UK alone. Yet oligarchs scrambled to shield their billions through offshore trusts, shell companies, and even family proxies.
Experts in Whitehall, the Foreign, Commonwealth & Development Office (FCDO), HMRC, the National Crime Agency (NCA), and other agencies teamed up to expose these financial webs. The sanctions include asset freezes, travel bans, and restrictions on trust services.
Ioannides helped Abramovich hide £760 million in assets before sanctions hit. Meanwhile, lawyer Vassiliades masterminded offshore trusts linking Usmanov to luxury estates like Sutton Place.
Family Ties to Sanctioned Fortunes
Not just the oligarchs themselves, but their families are caught in the net:
- Tatiana Evtushenkova, director of Redline Capital, owned by her father Vladimir Evtushenkov
- Natalia Evtushenkov, involved in several companies and banks tied to her husband Vladimir
- Felix Evtushenkov, who received 10% of shares in Russian giant Sistema from his father amid sanctions
- Gulnara Kerimova, holding luxury villas in France on behalf of Suleyman Kerimov
- Nariman Gadzhiev, beneficiary owner of shell companies funneling millions to Kerimov-linked firms
- Oksana Marchenko, wife of Putin ally Viktor Medvedchuk, owning luxury Crimean properties
Ongoing War on Dirty Money
This latest wave complements a wider UK initiative backed by an extra £50 million Economic Deterrence fund to boost sanctions enforcement. The National Crime Agency’s Combating Kleptocracy Cell is also expanding to tackle corrupt elites and their enablers.
The UK stands shoulder to shoulder with international partners, strengthening unprecedented sanctions designed to choke off Putin’s war machine. These moves ensure that oligarchs and affiliates cannot access their illicit wealth until they cease violating Ukraine’s sovereignty.
