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Roman Abramovich’s Billion-Dollar Trusts Transferred Before Sanctions: Report

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Roman Abramovich

Roman Abramovich

Russian oligarch and former owner of the Chelsea football club Roman Abramovich’s ten offshore trusts having investments worth billions of dollars were transferred shortly before he was hit with sanctions. Friday (January 6), Abramovich’s seven children became the beneficiaries of the offshore trusts.

They received the beneficial ownership of the trusts with investments worth at least 4 billion in early February last year, just three weeks before Russia declared its ”special military operation” in Ukraine. The Guardian report pointed out that the total value of the investments could be much higher than the amount noted earlier. 

Through these ten trusts, they (Abramovich’s children) are the most significant beneficial owners of trophy support long linked to Abramovich, including private jets, helicopters, properties, and superships. Anointed the “Oligarch Files,”- the Guardian report, citing informed documents, on Friday said that of Abramovich’s seven children-five are adults, and the most youthful child is nine years old. 

“The leaked documents raise questions about whether the changes to trusts were made in an attempt to shield the oligarch’s vast fortune from the threat of asset freezes,” the report added.

The US has not set any sanctions on Abramovich after Ukraine reportedly asked the White House not to do so after he appeared as an unofficial mediator in truce negotiations. However, the US Justice Department charged two of his airplanes last year, saying they were used in breach of sanctions on Russia over Ukraine. 

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