Frozen out: how the UK’s sanctions against Russia will work

theguardian.com:

From Vladimir Putin’s former son-in-law to the chairman of Russia’s second largest bank, more than 100 individuals and entities have been added to the UK sanctions list, in what Boris Johnson has billed as the “largest ever” set of financial measures against Moscow, designed to “squeeze Russia from the global economy”.

The foreign secretary has promised that a further 570 names – elected politicians from the Duma and the Federation Council – will soon be added to the list.

While many anticipated the latest measures, the scale and complexity of what is being enacted will prove a legal minefield for British nationals or companies that have done business or had any kind of relationship with those now blacklisted.

So how will the restrictions imposed on oligarchs and other individuals work in practice?

First, any assets owned by those individuals and companies named are frozen. This does not result in a change of ownership, so the house, bank account, private jet, or yacht is not seized.

Second, those on the list are banned from all UK transactions. British businesses and UK nationals are not permitted to make funds available to these individuals or accept funds from them. Taking the example of a property owned by a person on the sanctions list, the person would not be able to rent it out, mortgage it, or sell it.

While the sanctions would not prevent someone from flying on their private jet, the accompanying travel ban would prevent them from going anywhere. In addition, sanctions would prevent the jet’s owner from paying for fuel or crew. Even if they were not using their plane to generate cash, the sanctions are designed to make it difficult for the owner to maintain and operate it.

“They can’t deal with their own asset in the