• Oligarchs Alisher Usmanov and Igor Shuvalov – worth a combined $19bn – sanctioned with immediate effect.
• Putin associates now cut off from their significant UK interests including mansions worth tens of millions.
• Pair’s assets frozen, both are hit with travel bans and no British citizen or business can deal with them.
• Oligarch Taskforce to target Russian elite expected to be launched next week

Today the Government has announced that a full asset freeze and travel ban has been imposed against Alisher Usmanov and Igor Shuvalov, two of Russia’s leading oligarchs with significant interests in the UK and close links to the Kremlin.

Alisher Usmanov has had significant interests in English football clubs Arsenal and Everton. He owns Beechwood House in Highgate, worth an estimated £48m, and the 16th century Sutton Place estate in Surrey.

Igor Shuvalov’s assets in the UK include two luxury apartments in central London worth an estimated £11m. He is a core part of Putin’s inner circle, and headed up Russia’s bid for the 2018 Football World Cup.

The Foreign Secretary will also establish an Oligarch Taskforce of Ministers and officials from departments including the Home Office, Treasury, Department for Business Energy and Industrial Strategy, Department for Levelling Up, Housing and Communities, and the National Crime Agency. This expert group will coordinate cross-government work to sanction oligarchs, helping build cases against the list of oligarchs it has identified as targets.

Foreign Secretary Liz Truss said:

Our message to Putin and his allies has been clear from day one – invading Ukraine would have serious and crippling economic consequences. 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.

These latest sanctions are part of a tough package against Russia, including sanctioning the Russian Central Bank, and banning the Russian State and all Russian companies from raising funds in the UK. The government will also asset freeze every Russian bank. In coordination with the US and other allies, these measures amount to the largest set of financial sanctions in history.

The government will continue to ratchet up pressure and use sanctions to degrade the Russian economy on a scale that the Kremlin, or any major economy, has never seen before.

Notes to editors

• Alisher Usmanov is founder of USM Holdings which works in sectors including extractives and telecoms. USM Holdings sponsors the Everton training ground and has bought the naming rights for their new stadium. His net worth is an estimated $18.4bn.
• Igor Shuvalov’s positions in the Russian Government include as First Deputy Prime Minister, Government Chief of Staff, and he has twice worked as an aide to Vladimir Putin. He has been chair of the management board of VEB since 2018, one of the banks recently subjected to a full asset freeze.
• Since the invasion, the UK has sanctioned 11 of Russia’s leading oligarchs, so with these designations the number rises to 13.
• Overall, 15 oligarchs now sit on the sanctions list with one of then, Mikhail Gutseriev, sanctioned under the Belarus sanctions regime.
• Since the invasion, more than 220 individuals and entities have been caught by our sanctions. This includes individuals, entities and their subsidiaries.
• In total, more than 500 Russian individuals, entities and their subsidiaries across all sanctions regimes now sit on our sanctions list.

In the week we celebrated St David’s Day, we can finally see the light at the end of the tunnel after two years of collectively fighting the Covid-19 pandemic. Vaccines – many manufactured in Wales – have been a game-changer, playing a big part in allowing society to open up again. Children are back in school, town and city centres are getting busy again and the Six Nations rugby is taking place in front of big crowds at last.

At the same time as we have celebrated our Welsh national day, our patriotism and freedom, we can reflect that these values are ones that both we and the people of Ukraine share and hold dear.

As Ukranians defy President Putin’s aggression, the UK has committed £40 million of humanitarian aid among a comprehensive package of ongoing support.

As the Prime Minister has said, the world has witnessed awe-inspiring displays of bravery and heroism from the Ukrainian people and the UK will not turn its back in Ukraine’s hour of need.

Closer to home, we marked this St David’s Day by appointing Wales’ first Veteran’s Commissioner. Colonel James Phillips will enhance support for veterans in Wales, be an independent voice on veterans’ issues, and champion their interests. The Armed Forces have a long, important tradition in Wales and our ex-servicemen and women and their families deserve recognition and respect throughout the duration of their service and beyond.

As we look ahead into 2022, the UK Government’s priority is to continue our recovery from the pandemic and to level up every part of the UK. The people of Wales share a profound sense of pride in their communities, and rightly so. Industrial Wales powered the UK through the industrial revolution and its seaside towns and mountain scenery are beloved by tourists from across the world – not least the slate landscape of north west Wales which became a Unesco world heritage site last year. Wales is a unique place with an incredible history and even greater potential.

But not everyone in Wales has the same opportunities as each other or with people in other parts of the United Kingdom.

As a government we recognise that this is wrong and our levelling up plans are already seeing us work with councils, communities and the Welsh Government to reverse the geographical inequalities that have plagued Wales and the wider UK.

This includes making great strides in gigabit broadband and 5G rollout, and moving research and development spending out of the south east of England so other areas have the funding they need to prosper.

Every part of Wales is now covered by four Growth Deals – North Wales, Mid Wales, Swansea Bay and Cardiff Capital Region – which are also key to our levelling up ambitions. The UK Government has invested £790m, alongside the Welsh Government and local authorities to create thousands of jobs in the coming years.

And we are funding communities directly – providing investment through the Levelling Up Fund, Community Renewal Fund and Community Ownership Fund. Late last year more than 175 projects right across Wales received more than £165 million in direct funding for schemes. These range from transforming the seafront and promenade in Aberystwyth, revitalising the Montgomery Canal and reopening the Muni Arts Centre in Pontypridd, to rejuvenating Haverfordwest Castle, among dozens of projects right across Wales.

And this was just the first round of funding. Many more projects, places and communities will benefit further by the end of 2022.

Across the economy the UK Government has set a course for recovery, prosperity, jobs, growth and a green industrial revolution. We have a huge job to do and we are focused as a government on getting the UK back on course. But we want to work with Welsh Government and see them deliver on their plans for the people of Wales which is why we have provided them with the largest ever settlement from the Treasury, £18 billion a year, so they can deliver devolved services like health, education and flood protection.

We know that the increasing cost of living will strain many household budgets which is why we have our Plan for Jobs, which has seen youth unemployment at a record low, and the £200 discount on bills this autumn for domestic electricity customers.

Covid-19 and the cost of living difficulties are still with us, but we can nevertheless look forward with optimism. Defence remains a vital employer in Wales and the MoD is making a £320m investment in the Army estate in Wales, including the retention of Brecon Barracks and basing a new regiment in Caerwent by 2028, while there will also be a new RAF aircraft contract for Broughton.

And just this month the Ministry of Justice announced it would be moving 500 jobs to locations across Wales. The UK Government wants to make full use of the talent and potential of the Welsh workforce and relocating more civil service roles helps us achieve that.

We are facing an uncertain time with our focus currently very much on the terrible situation in Ukraine. But I hope the year ahead will be one of optimism and recovery for all our communities.

The decision by the Competition and Markets Authority (CMA) comes after an in-depth Phase 2 investigation into the proposed deal.

Cellnex is an independent supplier of telecommunications infrastructure, currently active across several European countries, and CK Hutchison is a multinational conglomerate that currently owns and operates the Three mobile network in the UK.

The proposed deal, in which Cellnex has agreed to buy CK Hutchison’s UK passive infrastructure assets, forms part of a broader set of transactions – worth £8.6bn (€10bn) in total – involving assets in several European countries. Passive infrastructure assets are structures, such as towers and masts, that mobile network operators and other wireless communication network providers attach electronic equipment to in order to operate their networks. This includes the sites that the structures are built on.

The CMA launched an inquiry into the proposed deal in May 2021 and it was referred for an in-depth investigation by an independent Inquiry Group in July.

In keeping with its provisional findings issued in December 2021, the CMA has found that the sale of the CK Hutchison business to Cellnex would raise significant competition concerns. The sale of the business to Cellnex would prevent the emergence of an important alternative competitor in the supply of passive infrastructure, leaving mobile networks facing higher prices and more onerous contracts in future contract negotiations. This, in turn, could result in higher prices or lower quality services for users of mobile networks across the UK over a period of time.

In order to address these concerns, Cellnex proposed the sale of all of its existing sites that geographically overlap with the CK Hutchison assets it has agreed to buy. This would result in a package of over 1,000 passive infrastructure sites being sold to a purchaser approved by the CMA.

Having assessed this remedy in detail, the Inquiry Group concluded that it would effectively address the competition concerns identified by the investigation, meaning the merger could proceed.

Richard Feasey, Chair of the independent Inquiry Group, said:

Our decision today helps protect competition in infrastructure that mobile phone operators rely on. The sale of this significant package of assets will allow a major supplier to compete against Cellnex when mobile networks look to negotiate new contracts in future.

This, in turn, stops the threat of higher prices or worse terms for the operators and their customers as a result of this deal.

For more information, visit the Cellnex/CK Hutchison merger inquiry page.

1. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.