The UK government has imposed sanctions on Roman Abramovich because of Russia's invasion of Ukraine.
He is one of seven people to be hit with new sanctions.
The billionaires on the list are seen as allies of Putin.
Prime Minister Boris Johnson said there can't be safe havens for those who supported the invasion.
The UK is steadfast in its support for the Ukrainian people. Mr Johnson said that they will be ruthless in pursuing those who allow the killing of civilians, destruction of hospitals and illegal occupation of allies.
The government had come under pressure to sanction Mr Abramovich, who said he had made a difficult decision to sell his team.
He has denied that he has strong ties to Putin.
The government says that Mr. Abramovich is one of the few billionaires from the 1990s to maintain their prominence under Putin.