Ministers will freeze the assets of Russian oligarchs thought to have close links to the Kremlin, if Russia invades Ukraine.
Under plans to be unveiled to MPs today, the government would impose asset freezes and travel bans on individuals and entities that have a “strategic significance” to the Russian government.
US State Department officials have expressed “dismay and frustration” at the British government’s failure to take tough action against the flow of funds, particularly into real estate in the capital, leading to a report dubbing it “Londongrad”.
The asset freezes are likely to include both residential and commercial properties.
The move comes as tensions between Russia and Ukraine escalate.
