BRUSSELS – According to a document released in the official EU journal Friday, the European Union has decided to suspend the assets within the EU of Sberbank boss Vladimir Putin, his two daughters and additional oligarchs.

Around 700 people have been blacklisted by the EU since the outbreak of the war in Ukraine. They are either linked to or accused of helping the “special operation” called Moscow. This has not led to an immediate freezing of assets.

These new measures will affect over 200 individuals more, including those from Luhansk or Donetsk separatist areas. They also target top businessmen and politicians, as well as military personnel close to the Kremlin.

Other 18 entities were also affected by asset freezes. This includes four banks such as VTB and military companies, almost doubling the total number of businesses that have been subject to sanctions since the beginning of the war.

The EU has added Herman Gref to its blacklist as the head of Sberbank. It is an important symbolical move. Although the EU is yet to sanction Gref’s bank for its key role in energy payment, it has not taken any action.

The document stated that Ekaterina Tikhonova, Putin’s daughter, and Maria Vorontsova, were also sanctioned now for receiving benefits from the Russian government.

Putin was already sanctioned as part of an earlier round of restrictive actions, but it’s not clear how many assets he or his family have in the EU.

Rich oligarchs often use anonymous trusts and shell companies to protect their wealth. Investigators find it difficult, if not impossible, to locate them in countries with loose rules about beneficial owners.

Vladimir Bogdanov (executive of oil company Surgutneftegas), the founder of Rusal aluminium giant Rusal Oleg Deripaska and billionaire Boris Rotenberg are all sanctioned. He is also a major shareholder of Russia’s largest gold miner Polyussaid Kerimov. The chief of the Russian ecommerce platform Ozon Alexander Shulgin has been sanctioned.

This is part of EU’s fifth round of sanctions on Russia that includes a ban of coal imports as well as restrictions on entry to the EU for Russian vehicles and lorries.