Usmanov, who has already had sanctions imposed on him by the European Union (EU), has now had his assets frozen and will be unable to travel to the UK.

British citizens and businesses will not be allowed to do deals with Usmanov, who has stepped down as the President of the International Fencing Federation following the implementation of the sanctions.

Sanctions have been imposed on Usmanov and Igor Shuvalov, a former first Deputy Prime Minister of Russia, a key funder of the Sochi 2014 Winter Olympics and Paralympics, and President of the Organising Committee for the 2013 Summer Universiade in Kazan, Russia.

After issuing the sanctions UK Foreign Secretary Liz Truss said: "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."

The status of Usmanov’s 512-foot yacht called Dilbar, valued at nearly $600 million (£449.7 million/ €542.3 million), is unknown following the EU's sanctions on Russian oligarchs.

Forbes had reported yesterday that the luxury cruise ship was seized by German authorities in Hamburg.

However, German authorities have denied seizing the yacht.

According to Forbes, the yacht has been docked at a German shipbuilding firm called Blohm+Voss since October last year.

However, a spokesperson for Lürssen, the German shipbuilder which owns Blohm+Voss, declined to comment on the reports.

"All orders and projects of the Lürssen Group and its subsidiaries are treated in accordance with the applicable laws and regulations," the spokesperson was quoted as saying by Forbes.

The expensive yacht purchased by Usmanov in 2016, was one of the "most complex and challenging yachts" ever built, according to Lürssen.

Apart from the yacht, Usmanov has major stakes in steel giant Metalloinvest, consumer electronics brand Xiaomi, and other companies in the telecom, mining and media industry.

Usmanov also owns multi-million-dollar luxury real-estate properties across Europe.

Yesterday, Premier League club Everton suspended partnerships with Russian firms, including USM Holdings, owned by Usmanov.

Commenting on the sanctions, Usmanov said that the decision was unfair and defamatory.

"I will use all legal means to protect my honour and reputation," Usmanov said.

Uzbekistan-born Usmanov was elected unopposed for a fourth term as FIE President last November.