The avalanche of wide-ranging sanctions for the Russian military invasion of Ukraine has continued, with the European Union freezing the assets and imposing travel bans on another 26 Russian nationals, including six of Russia's most prominent oligarchs with close ties to the Kremlin and President Vladimir Putin.

The oligarchs that were hit by the new EU sanctions include Mikhail Fridman, the founder of Alfa Group and LetterOne, his fellow shareholder Petr Aven, the head of the USM Group, financier and tech investor Alisher Usmanov, the influential head of Rosneft and one of Putin's oldest allies, Igor "Oil Czar" Sechin, and the head of the state oil pipeline operator, Nikolai Tokarev, Gennady Timchenko, the founder and shareholder of Volga Group and Novatek gas major, steel tycoon Alexei Mordashev, and the head of Promsvyazbank Pyotr Fradkov.

The oligarchs will immediately have their EU assets frozen and are banned from entering the EU.  

Some oligarch names remain missing such as Chelsea FC owner Roman Abramovich and the owner of aluminium producer Rusal, Oleg Deripaska. When reading out the new names of oligarchs on the UK sanctions list British Prime Minister Boris Jordan named Abramovich incorrectly, as he is not on the UK or EU list. Deripaska has also been excluded as when he was previously sanctioned in 2018 aluminium prices spiked and those sanctions had to be withdrawn.  

Deripaska and Fridman have both broken ranks in the last days and publically criticised Putin’s decision to invade Ukraine in a rare show of defiance by Russia’s business elite against the Kremlin’s policies.

Fridman is described by the EU as “a top Russian financier and enabler of Putin’s inner circle” that “actively supported materially or financially and benefited from Russian decision makers responsible for the annexation of Crimea and the destabilisation of Ukraine”. Another shareholder of Alfa Group, Petr Aven, is described as one of the president’s “closest oligarchs”.

Fridman and Aven “are profoundly shocked by the demonstrably false allegations . . . purporting to justify the basis on which they have been sanctioned”, stated LetterOne, their London-based private equity firm.

“They will fight this injustice with every sinew – for themselves and the tens of thousands of employees in the UK and Europe who rely on them,” LetterOne said. They “have always been totally transparent about their dealings and source of wealth. Sanctioning them based on disproven and malicious gossip will have no impact on Russia’s actions in Ukraine,” LetterOne said, as cited by the FT.   

Igor Sechin, the CEO of Rosneft and the Rosneftegaz state holding (that holds shares in Rosneft and Gazprom), is described by the EU as one of Putin’s “most trusted and closest advisers, as well as his personal friend”, who had been in contact with the president on a daily basis and has been receiving financial gains and “important assignments in return for subordination and loyalty”. Sechin is already subject to a travel ban and asset freeze by the US, as is his son.

The EU points out that Tokarev, the head of the Russian oil pipeline operator, served with Putin in the KGB and is said to be “one of the state oligarchs who assumed control over large state assets in the 2000s as Putin consolidated power, and who operates in close partnership with the Russian state”. 

Alisher Usmanon is one of "Putin's favourite oligarchs", controlling the USM Group that has recently exited VK (Mail.ru) internet major, the operator of Russia's largest social network. Usmanov is also president of the International Fencing Association. 

Mordashov is connected to Putin via Bank Rossiya, which is said to fund the Kremlin, and is a shareholder in the bank, which has also been sanctioned. 

Putin’s long-time friend Gennady Timchenko, who is the founder and shareholder of Volga Group, is also on the EU list. He is also a shareholder of Bank Rossiya, which is already under sanctions imposed by the EU and UK.

Musician Sergei Roldugin, who was previously mentioned in the Panama papers leaks, is dubbed “Putin’s wallet”, keeping his assets at Bank Rossiya. The bank has already been sanctioned. Panama papers alleged that Roldugin is responsible for “shuffling” at least $2bn through banks and offshore companies on behalf of Putin.

Steel tycoon Alexei Mordashov is also on the EU list, due to his control of the television stations that "actively support Moscow’s policies of destabilising Ukraine". Mordashov is also a major minority shareholder in the German travel company TUI.  

Severstal on Monday, February 28 published a statement on behalf of Mordashov in response to the sanctions: “I have never been close to politics and have always focused on building economic value at the companies I have worked for both in Russia and abroad. “I fail to understand how these sanctions against me will contribute to the settlement of the dreadful conflict in Ukraine,” it added.

The head of Moscow's international airport Sheremetyevo, Alexander Ponomarenko, is another oligarch with close links to Putin’s inner circle and with the leadership in annexed Crimea. Ponomarenko had allegedly financed a palace complex considered to be personally used by Putin, brought to light by currently jailed anti-corruption activist and dissident Alexei Navalny.

The head of the restructured "military bank" Promsvyazbank Pyotr Fradkov is also sanctioned by the EU as the bank "provides financial support to the Russian defence sector and the Russian armed forces", as well as "financial and material support" to Russian leaders responsible for "destabilising Ukraine". Promsvyazbank has been one of the main targets of the US, UK and EU banking sanctions previously.

The EU sanction list also includes Kremlin spokesman Dmitry Peskov for "publicly defending Russia's aggressive policy against Ukraine". The deputy PM Dmitry Chernyshenko, the Minister of Construction Irek Faizullin and the Minister of Transport Vitaly Savelyev are all on the board of the Russian Railways and are sanctioned for participating in "policies that undermine or threaten Ukraine's territorial integrity".

The EU has also sanctioned a number of journalists, media personalities and filmmakers for "disseminating anti-Ukrainian propaganda in Russian media", including Tigran Keosayan, Olga Skabeyeva, Modest Kohlerov, Roman Babayan, Zakhar Prilepin, Anton Krasovsky and Arkady Mamontov.

The Secretary of the General Council of the ruling pro-Kremlin United Russia Party, First Deputy Chairman of the Federation Council Andrei Turchak, is on the EU updated sanction list as well, including First Deputy Commander-in-Chief of the Black Sea Fleet Sergei Pinchuk and the military commanders of the Southern Military district Aleksey Avdeev, Rustam Muradov and Andrey Sychevoy.