The EU has approved asset freezes and travel bans on several Russian people and entities in response to Vladimir Putin's decision to recognise the self-proclaimed republics in Donetsk and Luhansk as independent states.

Shuvalov is set to be sanctioned as the head of Vnesheconombank (VEB), the financial institution that is a key source of funding for the Kremlin's priority projects, namely Sochi 2014. 

The company financed the construction of the Games' venues.

As well as Sochi 2014, Shuvalov was involved with the 2013 Summer Universiade in Kazan.

In 2009, he was made President of the Organising Committee and, upon completion of the event, was awarded an Order for Service to the Republic of Tatarstan and the badge of honorary citizen of the City of Kazan "for economic development and prosperity, enhancing the city’s reputation, and strengthening the image of the capital of Tatarstan in Russia and in the international arena."

Also in 2009, Shuvalov was announced as leading Russia's bid for the 2018 FIFA World Cup.

As part of the Committee formed in May 2012, he coordinated the organisation, preparation and holding of the event including the issues creating and developing the necessary transport infrastructure.

He served as First Deputy Prime Minister in both Dmitry Medvedev and Vladimir Putin's cabinets before leaving Government and being appointed chairman of VEB in 2018.

Shuvalov, who was seen as a close Putin ally nearly a decade ago, has owned property in London and was targeted for his wealth by the jailed opposition politician Alexei Navalny, who demanded a police investigation.

The list of those targeted has not been officially confirmed.

Earlier this week, the UK Government announced sanctions against three individuals with close links to President Putin.

The individuals were Boris Rotenberg, who was also involved in construction projects for the 2014 Winter Olympic and Paralympic Games in Sochi, Igor Rotenberg, who co-owns the SGM Group, a construction firm specialising in creating oil and gas transportation systems, alongside uncle Boris Rotenberg, and Kontinental Hockey League Board of Directors chairman Gennady Timchenko.