Sanctioned oligarch Alisher Usmanov, the 5th-richest person in Russia, previously transferred his assets to trusts and doesn't own them anymore: report

The European Union, the UK, and the US have imposed sanctions on Russian billionaire Alisher Usmanov.

Despite the wave of sanctions, the billionaire's assets may not be accessible to governments. The tycoon put hundreds of millions of dollars of assets into trusts, including most of his UK properties, according to the Guardian. After creation, such trusts cannot be changed.

The billionaire did not own them, nor was he able to manage them or deal with their sale, but could only use them on a rental basis.

On March 3, the UK government said that billionaire businessman Alisher Usmanov has mansions worth hundreds of millions of dollars in the country.

The trusts were established in 2006 and all of the tycoon's properties were transferred.

The properties were settled into the trusts long before the sanctions came.

The richest person in Russia is Usmanov with a net worth of $18.7 billion. He founded USM in 2012 to consolidate his interests in a wide range of industries.

The two mansions the UK government said belonged to Usmanov have been linked to a web of trusts and companies in tax havens.

The UK government is attempting to enforce these sanctions with one arm tied behind its back because of the complex networks of secretive shell companies in these jurisdictions, according to Steve Goodrich, Head of Research and Investigations at Transparency International UK.

A spokesman for British Prime Minister Boris Johnson said the country's sanctions would have a significant impact.

The EU sanctions against him were based on false and defamatory allegations, and he will use all legal means to protect his honor.