Tag: Roman Abramovich

The ambitious promise to allocate over £2 billion from the forced sale of Chelsea FC to aid Ukrainian war victims has hit a legal impasse, leaving the funds frozen in a London bank account. This revelation underscores a complex quagmire involving property rights and the UK's commitment to legal precedents. The situation sheds light on the intricate relationship between Roman Abramovich, the Russian oligarch and former owner of Chelsea FC, and the legal and political machinery of the West.

In a scathing indictment of bureaucratic inertia, the House of Lords has laid bare the astonishing inaction of the UK government regarding the utilization of frozen assets from Roman Abramovich's high-profile sale of Chelsea Football Club. Abramovich, a billionaire with a diverse portfolio of citizenships and a net worth hovering around the $9 billion mark, was compelled to offload the prestigious football club in the wake of the Ukraine invasion.

The Russian oligarch Roman Abramovich has lost a key legal battle against the EU, with the EU's general court upholding sanctions imposed on him following Russia's invasion of Ukraine. The sanctions, which came into effect in 2022, targeted close allies of Russian President Vladimir Putin, including the 57-year-old Abramovich. His lawsuit against the EU Council sought to reverse these punitive actions, arguing against their validity.

In a closely watched legal battle, the European Court of Justice (ECJ) is set to deliver a ruling today regarding the appeal of billionaire Roman Abramovich against his inclusion on the EU’s sanctions list. This follows the EU's response to Russia’s invasion of Ukraine in 2022, which led to the sanctioning of various Russian officials, business leaders, and oligarchs, including Abramovich. Abramovich also appears in the UK’s sanctions list.

Lithuania is on the brink of a legislative overhaul following a startling revelation involving Russian billionaire Roman Abramovich and his children's use of Lithuanian passports. The Baltic nation's interior minister, Agnė Bilotaitė, announced plans to push for legal changes that would enable the revocation of citizenship from naturalized Lithuanians, posing a national security threat. Abramovich allegedly used his children's Lithuanian citizenship to shield assets from international sanctions.

The U.S. SEC has levied charges against New York-based Concord Management LLC and its founder, Michael Matlin, for functioning as unregistered investment advisers. Their sole client was the Russian oligarch Roman Abramovich, the New York Times reported. Authorities froze over $13 billion; some of those assets were believed to be investments Concord had made for Abramovich.

In the wake of the "crazy war" in Ukraine, the Russian oligarchs are the strategic focus of the Western sanctions aimed at exerting pressure on the Russian government. Most recently, Oleg Tinkov, an oligarch excommunicated by the Kremlin, has called his former comrades cowards and urged them to take action against Putin. However, according to the latest Forbes statistics, Russian billionaires have become significantly richer since the outbreak of the Ukraine invasion.

The oligarchs on the Western sanctions lists continue to enjoy their life of luxury. For example, a super sports car was seen in front of the 5-star hotel La Reserve Genève on Saturday. It is a dark blue Maserati MC 12 that belongs to the Russian oligarch Roman Abramovich. Last week, Abramovich challenged EU sanctions imposed on him, arguing that the restrictions were imposed simply because he is a well-known Russian.

On April 12 and 13, the US and the UK included 13 Cypriot lawyers and accountants in their sanctions lists for facilitating Russian oligarchs. The measures are aimed to dismantle the financial networks of Roman Abramovich and Alisher Usmanov. 10,000 bank accounts and other assets belonging to their alleged “financial fixers” were frozen. The sanctions also signal (finally) that the Western allies will no longer look the other way when Cyprus breaks the sanction game's rules.

It's not easy to be a Russian oligarch at this time. According to a New York Times report, some Russian oligarchs have used Concord Management LLC, a financial advisory company in Tarrytown, New York, to secretly invest money in large US hedge funds and private equity firms. Allegedly, the bulk of the funds belonged to Roman Abramovich, a close ally of Russian President Vladimir Putin. Concord and its founder, Michael Matlin, said it oversaw between $4 billion and $8 billion.