Roman Abramovich’s UK Assets Sanctioned by the Government

The UK assets of Roman Abramovich, including Chelsea Football Club, have been frozen by the government. However, Abramovich owns many other London mansions and superyachts that are still beyond the government's reach. 

As per sources, Roman Abramovich is among the seven oligarchs sanctioned by the UK government. Not only Abramovich's assets have been frozen, but travel bans have also been imposed on him over the recent invasion of Ukraine by Russia. As per the British government, the sanctions imposed on Abramovich were due to his close ties to the Kremlin. Moreover, it is believed that the companies owned by Abramovich might be manufacturing steel which in turn is being used in tanks employed offensively by Russia in Ukraine. Nonetheless, Abramovich refuses to have any close affiliations with Vladimir Putin and the Kremlin. Therefore, his properties are sanctioned, but Abramovich will also not be able to make any transactions with the UK. 

Abramovich is the eleventh richest man in Russia and the richest man in Israel. How did the Russian oligarch manage to accumulate this much wealth? It was after the collapse of the Soviet Union that Abramovich obtained Russian state-owned assets at extremely cheap rates as compared to the market value. In case you don't know, he is a close friend of Boris Yeltsin, the former Russian president and Vladimir Putin, the current Russian leader. Abramovich is primarily famous outside Russia for owning Chelsea Football Club, although he is a successful owner of a private investment company called Millhouse LLC. 

Prior to the Russian invasion of Ukraine, Abramovich's lawyers were pertinent that he does not fall under the criteria for sanctions. But after the Russian invasion of Ukraine, the UK has decided to impose sanctions on Abramovich, and it becomes the first ally of Nato to do so. 

As per sources, of all Russian connections to the UK, Abramovich was closest to the UK in terms of relationships. However, the issue that Abramovich has put up all his UK properties and Chelsea FC on sale was brought up in the house of the Commons by an MP. It is revealed that the Russian oligarch was trying to sell Chelsea for a large sum of 4 billion Euros. 

The stocks he owned in the company Evraz and Norilsk Nickel (aka Nornickel) listed on the London Stock Exchange have also been suspended by the UK government. As per Forbes, Abramovich enjoys a net worth of 9.4 billion Euros. He is also one of the few oligarchs to rise to such prominence and affluence under Putin, cited by the UK government. Besides his other assets, the oligarch also owns a 15-bedroom mansion worth 90 million Euros in central London's Kensington Palace Gardens. He is also the owner of a Chelsea penthouse that he bought in 2018 for 22 million Euros. 

However, these are not the only assets that he has in London. There are many other assets owned by Abramovich that are beyond the reach of UK officials. The oligarch is also reportedly the proud owner of the 140 Solaris, one of the world's biggest superyachts that have the capacity to welcome 36 guests. The price of the superyacht is about 600 million Euros as given on the SuperYachtFan website.

The oligarch is also said to own the 162m Eclipse, an older but larger yacht. However, as per Marine the ship-tracking website, the directions or movements of any vehicle or yachts cannot be disclosed as per their policy. Abramovich's luxuries do not end here. He also owns a private jet for faster travel. It was further revealed by Forbes Russia last year that the ruler has done an expenditure of 350 million dollars on the new 787-8 Dreamliner. It is actually used by airlines and has a capacity to hold 300 passengers. However, the oligarch's Dreamliner was custom designed to hold 30 passengers and 20 staff members. His life of riches and luxury does not seem to come to an end, and the UK government is also not aware of all the properties he owns. 

According to FlightRadar24, Abramovich's private jet was seen heading to Dubai from Moscow, and it came back on 4 March 2022. It is because of the imposed sanction on him that his movements are under scrutiny and tracked. 

The imposed sanction means that the oligarchs will not have the permission to sell any of his assets or shares he owns. After the imposition of the sanction, the shares of Evraz witnessed a drop of 13%. Nonetheless, it was ordered by the financial managers to suspend trading until clarifications on sanctions are made. As per reports, Abramovich's stocks in the company were worth 1.4 billion Euros. However, they went down to 320 million Euros. To regulate trading, the London Stock Exchange put a stop to trading in Norilsk Nickel until further clarifications on sanctions. Besides Evraz, 26 other UK companies that have close links with Russia are suspended for trading. 

The world is witnessing some major changes after Russia's invasion of Ukraine, and it has also transformed the way the London Stock Exchange operates. 

It was Brussels that was next in line to put sanctions on Russian oligarchs who are confidantes of Putin, including Abramovich.

It was also revealed by MarineTraffic that Abramovich's two superyachts are en route to Turkey to avoid being sanctioned. It is no doubt that Abramovich's strong connections with Vladimir Putin made him fill his own pockets. 

The decision to sanction every oligarch connected to Putin is to isolate him over Russia's invasion of Ukraine. As this economic conflict deepens, the world would have to face many abrupt transformations. 

According to the UK's overseas secretary, Liss Truss, it is high time to stop Putin and oligarchs from sharing connections with him for European and International safety. Hence, the sanctions are made so that no one can support Putin to cause much more damage or destruction on Russia and the world at large.