The new development has further turned the screw on Kremlin-linked businessmen.
The British government on Thursday imposed sanctions against Russian billionaire Roman Abramovich, over Russia’s invasion of Ukraine.
Abramovich is the owner of the English Premier League club, Chelsea, which is the current champion of FIFA Club World Cup and European Champions League.
The new development has further turned the screw on Kremlin-linked businessmen.
Market Watch reports that other billionaires targeted by U.K. sanctions include Oleg Deripaska and Igor Sechin in the U.K.'s most high-profile sanctions sweep to date.
Mr. Abramovich has a net worth estimated at GBP 9.4 billion, the British government said.
Mr. Abramovich has already said he is in the process of trying to sell his soccer club Chelsea FC and his London home. The U.K. government said his assets will now be frozen and a travel ban imposed.
The U.K. government said it will provide a special license that will allow Chelsea FC to continue to operate despite the sanctions.
"The U.K. will continue to lead global efforts to provide Ukraine with economic, diplomatic, humanitarian and defensive support," the U.K. government said.