The government has been accused of dragging its feet on targeting Russian oligarchs after it emerged it may be months before any of them are sanctioned.
Boris Johnson has claimed the UK is leading efforts to clamp down on Russia’s financial interests in response to the invasion of Ukraine.
The prime minister has pledged to publish a list of wealthy Russian oligarchs whose assets in the UK - including expensive London properties - will be targeted.
But The Times has reported that it may take “weeks and months” for the measures to be implemented because of the legal hurdles which need to be cleared first.
Foreign secretary Liz Truss is said to be “frustrated” that the government has so far been able to build up a strong enough case against the likes of Roman Abramovich, who has put put Chelsea Football Club up for sale amid speculation that he could be added to the list of those facing UK sanctions.
In contrast, the EU has already started seizing property, including yachts, belonging to European-based oligarchs.
Conservative MP Tom Tugenhadt is among those accusing the government of dragging its feet.
The prime minister’s official spokesman could not say whether any oligarchs’ assets had been seized yet by the government, but insisted the UK had “gone further and faster than we ever have before” on sanctions.
But he added: “We do have laws we need to abide by on how to apply sanctions.
“When it comes to individuals, it is the case that we need to do preparatory work to ensure it is legally sound. We will keep that under review and if there are ways to further speed it up then we will.”
The spokesman said the government believed targeting Russian companies, such as banks, was more effective than wealthy individuals in the first instance.
He said: “What is important is what puts the most pressure on Putin’s regime. Our judgement is that putting sanctions on large banks and companies, that is what we believe will exert the most pressure on Putin’s regime and will throttle off funding for this illegal war against Ukraine.”
Labour said the government must bring forward urgent legislation to speed up the process.
Shadow foreign secretary David Lammy said: “It is totally unacceptable that a week after Putin’s illegal invasion of Ukraine just 11 oligarchs have faced sanctions by the UK government. Ministers had months to prepare for this eventuality, with the full support of Parliament, and there is no excuse for their failure to introduce strong enough laws in the first place.
“The government’s failure to keep pace with the EU and the US on sanctions is allowing Putin-linked oligarchs to salvage hundreds of millions in assets.
“Labour is urging the government to bring new legislation to the House early next week, so the UK’s sanctions regime on individuals can catch up with our allies and partners.
“The government must get a grip on this by cutting Putin and those linked to his rogue regime out of our economic system as fast as possible.”