The oligarch, who owns Chelsea Football Club, is one of seven people who have had sanctions placed on them, with all of his UK assets frozen and a travel ban put in place.
Abramovich signaled his intent to sell the football club last week, with all net proceeds from the sale to be donated to the victims of the war in Ukraine.
However these sanctions will come into place before any deal to sell the £3billion-valued club can be completed, meaning the sale of the club is now on hold.
That’s not the only implication that will affect the running of the football club.
Chelsea have been granted a special licence to continue operating as a footballing entity which includes paying wages and bills, however tickets will no longer be on sale for matches with only season ticket holders able to attend matches for the foreseeable future.
The club will also be unable to sell merchandise, complete player transfers or negotiate contracts – something that could be troublesome given the upcoming expiry of Antonio Rudiger, Cesar Azpilicueta and Andreas Christensen’s deals at Stamford Bridge.
Explaining the reason for the sanctions, Prime Minister Boris Johnson said: “There can be no safe havens for those who have supported Putin’s vicious assault on Ukraine.
“Today’s sanctions are the latest step in the UK’s unwavering support for the Ukrainian people. We will be ruthless in pursuing those who enable the killing of civilians, destruction of hospitals and illegal occupation of sovereign allies.”