On Thursday night, the US State Department went further, imposing visa bans on 19 Russian oligarchs and dozens of their family members and close associates.

The UK and other Western nations have targeted Russians with links to the Kremlin to “ratchet” up economic and political pressure on Vladimir Putin, the Russian president, after his invasion of Ukraine.

Liz Truss, the Foreign Secretary, 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.”

Mr Usmanov is founder of USM Holdings, which works in sectors including extractives and telecoms. It has a net worth of around $18.4 billion, according to the Foreign Office. Everton cut ties with him after the Ukrainian invasion.

He also owns Beechwood House in Highgate, worth an estimated £48 million, and the 16th century Sutton Place estate in Surrey, according to the Foreign Office.

Mr Usmanov will not be able to sell or transfer the properties, according to a Foreign Office source, but nor does the Government seize the houses.

A debate continues to be played out inside the Government about what to do with such assets.

Michael Gove, the Levelling Up Secretary, is pushing for the Government to take them over, possibly for use by Ukrainian refugees, though such a move is legally complex.

Mr Shuvalov has held numerous positions in the Russian government including first deputy prime minister and government chief of staff, according to the Foreign Office.

He has also twice worked as an aide to Putin and is chairman of the management board of VEB, one of the banks hit with a full asset freeze.