Mr Abramovich, who is worth about £9.4 billion, was one of seven oligarchs hit with an asset freeze and a travel ban in an updated sanctions list published today. The move comes as the Government pressures Russia over its invasion of Ukraine which is now in its third week.
The Government document says Mr Abramovich has had a "close relationship for decades" with the Russian President, something he has in the past denied.
It adds: "This association has included obtaining a financial benefit or other material benefit from Putin and the government of Russia."
Oleg Deripaska, an industrialist worth £2 billion who has had close links with the British political establishment, was also targeted, as was Mr Putin's "right-hand man" Igor Sechin, who is the chief executive of the Rosneft state oil firm, along with four others.
Prime Minister Boris Johnson said: "There can be no safe havens for those who have supported Putin’s vicious assault on Ukraine.
"Today’s sanctions are the latest step in the UK’s unwavering support for the Ukrainian people.
"We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies."
Foreign Secretary Liz Truss added: "Today’s sanctions show once again that oligarchs and kleptocrats have no place in our economy or society.
"With their close links to Putin they are complicit in his aggression.
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"Today's sanctions obviously have a direct impact on Chelsea and its fans.
"We have been working hard to ensure the club & the national game are not unnecessarily harmed by these important sanctions.
"To ensure the club can continue to compete and operate we are issuing a special licence that will allow fixtures to be fulfilled, staff to be paid and existing ticket holders to attend matches while, crucially, depriving Abramovich of benefiting from his ownership of the club.
"I know this brings some uncertainty, but the Government will work with the league and clubs to keep football being played while ensuring sanctions hit those intended.
"Football clubs are cultural assets and the bedrock of our communities. We're committed to protecting them."
Last week, Mr Abramovich, who has owned Chelsea since 2003, said he would sell the club, with the net proceeds being donated to a charity benefiting "all victims of the war in Ukraine".
His spokesman said he would be playing a "limited" role in trying to broker a "peaceful resolution" to the Kremlin's attack on its neighbour.
https://news.google.com/__i/rss/rd/articles/CBMigQFodHRwczovL3d3dy5leHByZXNzLmNvLnVrL25ld3MvcG9saXRpY3MvMTU3ODQyNS9Sb21hbi1BYnJhbW92aWNoLXNhbmN0aW9uZWQtVUstTGl6LVRydXNzLVJ1c3NpYS1Va3JhaW5lLXdhci1WbGFkaW1pci1QdXRpbi1sYXRlc3TSAYUBaHR0cHM6Ly93d3cuZXhwcmVzcy5jby51ay9uZXdzL3BvbGl0aWNzLzE1Nzg0MjUvUm9tYW4tQWJyYW1vdmljaC1zYW5jdGlvbmVkLVVLLUxpei1UcnVzcy1SdXNzaWEtVWtyYWluZS13YXItVmxhZGltaXItUHV0aW4tbGF0ZXN0L2FtcA?oc=5
2022-03-10 09:20:00Z
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