The UK on Thursday hit two key Russian oligarchs with sanctions worth up to £10 billion ($13 billion).

Eugene Tenenbaum and David Davidovich were the oligarchs targeted by sanctions; the assets connected to them both are worth up to £10 billion, meaning it is the largest asset freeze in British history.

Foreign Secretary Liz Truss said: “We are tightening the ratchet on Putin’s war machine and targeting the circle of people closest to the Kremlin. We will keep going with sanctions until Putin fails in Ukraine. Nothing and no one is off the table.”

Their assets cannot be repatriated back to Russia, and this will in turn deprive the Kremlin of further funds for its war on Ukraine.

Davidovich was also put under a travel ban.

He was described by Forbes as “(Roman) Abramovich’s much lower profile right hand man.”

Tenenbaum described himself as one of Abramovich’s closest business associates, and is a director at Chelsea FC.

Earlier this week, Russian billionaire Roman Abramovich himself was subject to a formal freezing order by Jersey authorities on assets suspected to be connected to him, valued at over £5 billion.

A British government statement said the sanctions Britain and its international partners have imposed are having “deep and damaging consequences for Putin’s ability to wage war.”

The statement added: “Analysis shows Russia is heading for the deepest recession since the collapse of the Soviet Union with £275 billion – 60% of Russian foreign currency reserves – currently frozen.”/aa