Russian oligarch Alisher Usmanov has claimed he managed to dodge UK sanctions by putting his UK properties and yacht out of the law’s reach.
A spokesman for the billionaire, who has had ties to Arsenal and Everton football clubs, said most of his UK assets were transferred into trusts before Boris Johnson imposed sanctions over Vladimir Putin's invasion of Ukraine.
Ministers sanctioned Mr Usmanov earlier this month because of his “close links to the Kremlin” as they seek to punish Russian President Vladimir Putin for waging war.
The Government said he owns Beechwood House in Highgate, north-west London, and estimated it is worth £48 million, as well as the 16th century Sutton Place estate in Surrey.
But a spokesman, quoted by the BBC and the Guardian, said most of his UK property and his yacht had already been “long ago transferred into irrevocable trusts”.
“From that point on, Mr Usmanov did not own them, nor was he able to manage them or deal with their sale, but could only use them on a rental basis. Mr Usmanov withdrew from the beneficiaries of the trusts, donating his beneficial rights to his family,” he added.
Sanctions experts questioned whether the Government would struggle to link the properties to Mr Usmanov under the more opaque and complex ownership structures.
But the Prime Minister’s official spokesman said: “We remain confident these sanctions will have a significant impact on Usmanov. I think of that there’s no doubt.”
He added: “The sanctions against Usmanov were enacted with immediate effect, he cannot access his assets, it’s illegal for any person or company in the UK to do business with him.
“And crucially, when it comes to sanctions, we are wherever possible moving as one with our western allies, so those that may be seeking to move assets will find they’re not welcome in the vast majority of the western world.”
He was sanctioned alongside former Russian deputy prime minister Igor Shuvalov on March 3.
At the time, Foreign Secretary Liz Truss said: “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.”
