Usmanov, whose commercial links to Everton football club have been suspended, along with former Russian deputy prime minister Igor Shuvalov, have both been sanctioned by foreign secretary, Liz Truss.
It comes after Boris Johnson was put under increasing pressure to speed up the process of targeting Russian oligarchs and seizing their assets in Britain, after it was conceded it could take “weeks and months” to build legally-sound cases.
Senior Tories had called for the immediate seizure of oligarchs’ assets in the UK, such as luxury yachts and property, and the return of them to the Russian people “as soon as possible”.
Questions continued over why billionaires such as Roman Abramovich, who has announced he will sell Chelsea FC, have not been hit with sanctions.
Visiting Lithuania to show support to Nato allies earlier on Thursday, Ms Truss acknowledged in an interview that the government must “make sure we have the right evidence to put in place those sanctions”.
But she added: “I’m very clear that legal threats will have no impact on our ability to sanction oligarchs and we will continue to work through our list, we will continue to sanction oligarchs and there is nowhere for any of Putin’s cronies to hide.”