Ex-Arsenal shareholder Alisher Usmanov has been sanctioned by the UK government.
The news comes after Everton cut ties with the Russian oligarch and his 512ft yacht was seized in Germany, although authorities have confirmed it's not been confiscated.
Usmanov, who owned shares in Arsenal between 2007 and 2018, has been put on the UK's sanctions list by foreign secretary Liz Truss along with fellow oligarch Igor Shuvalov.
The pair will be subject to a full asset freeze and travel ban. Shuvalov is a former Russian deputy prime minister under the current regime led by Vladimir Putin.
The Russian president ordered his troops to invade Ukraine last Thursday, as a bloody war rages in eastern Europe.
"Our message to Putin and his allies has been clear from day one - invading Ukraine would have serious and crippling economic consequences," said Truss on Thursday evening.
"Sanctioning Usmanov and Shuvalov sends a clear message that we will hit oligarchs and individuals closely associated with the Putin regime and his barbarous war.
"We won’t stop here. Our aim is to cripple the Russian economy and starve Putin’s war machine."
Everton suspended their commercial ties with Usmanov on Wednesday afternoon.
The Russian's company USM Holding sponsors the club's training ground and has already paid for the naming rights for the Bramley-Moore Dock stadium.
Everton's new ground is expected to open within the next three years.
"Everyone at Everton remains shocked and saddened by the appalling events unfolding in Ukraine," read a statement from the Toffees.
"This tragic situation must end as soon as possible, and any further loss of life must be avoided.
"The players, coaching staff and everyone working at Everton is providing full support to our player Vitalii Mykolenko and his family and will continue to do so.
"The club can confirm that it has suspended with immediate effect all commercial sponsorship arrangements with the Russian companies USM, Megafon and Yota."
Reports claiming Usmanov's luxury yacht has been sized by German authorities emerged on Wednesday evening.
Hamburg's economic authority have since confirmed no yachts have been "confiscated" from the port but haven't denied Usmanov's boat has been stopped from leaving.
"No yachts have been confiscated," said a spokesperson for Hamburg’s economic authority on Thursday.
"A handover [of the yacht to its owner] is also currently not planned. No yacht is going to leave the port that is not allowed to do so."
Truss' decision to announce further sanctions comes following pressure from Labour leader Keir Starmer at Primer Minister's Questions on Wednesday afternoon.
"Last week the prime minister said that [ Chelsea owner Roman] Abramovich was facing sanctions," said Starmer in the House of Commons.
"He later corrected the record to say that he isn’t. Well, why on earth isn’t he?"
Abramovich is yet to face sanctions but has announced he is selling Chelsea amid Russia's invasion of Ukraine.
A takeover of the European champions could be completed by an American-Swiss consortium as early as Monday, with talks ongoing in the States.
