The sanctions are the first step in the British Foreign Office's new campaign to combat corruption and illicit finance, according to the statement.
Two other "kleptocrats (...) who diverted wealth from their countries of origin, as well as their friends, family and intermediaries who helped them", the Ukrainian Dmitry Firtash and the Latvian politician Aivars Lembergs, are covered by the sanctions.
In addition to Isabel dos Santos, starting this Thursday, partner and friend Paula Oliveira and the former financial director of Sonangol Sarju Raikundalia are also the target of sanctions.
"Isabel dos Santos, daughter of the former president of Angola, systematically abused her positions in state-owned companies to divert at least 350 million pounds [420 million euros], depriving Angola of resources and funding for much-needed development," the British government said, recalling that the businesswoman has been the subject of an Interpol red notice since November 2022 and, last month, lost a case at the Court of Appeal regarding the freezing of her assets worldwide.
Her associates helped Isabel dos Santos to divert "Angolan wealth for her own benefit," it added.
Regarding Dmitry Firtash, they say he is an "oligarch (...) who extracted hundreds of millions of pounds from Ukraine through corruption and his control of gas distribution and who hid tens of millions of pounds of illicit gains in the UK property market."
The oligarch's wife, Lada Firtash, who profited from corruption and holds assets in the UK, as well as Denis Gorbunenko, a UK-based financial intermediary who served as a facilitator of the deals, were also sanctioned.
Aivars Lembergs, one of the richest individuals in Latvia, "who abused his political position to commit bribery and launder money".
According to the statement, Lembergs hid "the proceeds of corruption" in investment funds and other business structures, including in the name of his daughter, Liga Lemberg, who was also sanctioned.
In 2021, a Riga court found Lembergs guilty of 19 charges, including extortion of bribes, forgery of documents, money laundering and misuse of office.
This is a radical change in the way the government of that country "is using its sanctioning powers to make the United Kingdom a more hostile environment for corrupt actors to operate", the British government said, stressing that "the fight against corruption and illicit finance is vital to protecting the British public from organised crime".
Quoted in the statement, the UK Foreign Secretary, David Lammy, declared his commitment to "tackle kleptocrats and the dirty money that empowers them", stressing that sanctions are the first step.
"The tide is turning. The golden age of money laundering is over", reinforced the British minister.
The sanctions complement the work being carried out by the International Anti-Corruption Coordination Centre (IACCC), a multi-agency international law enforcement unit that supports investigations into corruption and misappropriation of a country's assets.
"The IACCC is currently assisting investigations in 42 countries. In Angola alone, the IACCC has assisted in identifying and freezing hundreds of millions of pounds of proceeds of crime," the document states.
The IACCC has already helped identify 1.45 billion pounds in hidden assets (1.74 billion euros), of which 631 million pounds (757 million euros) has been frozen by court order, and has led to the arrest of 49 politically exposed persons or corrupt officials.
