Business

UK freezes £10 billion of assets held by associates of Abramovich


The UK will freeze assets estimated at £10 billion held by two longtime business associates of Roman Abramovich, the Russian oligarch best known for his ownership of Chelsea Football Club.

Sanctions against Eugene Tenenbaum and David Davidovich bring the total number of oligarchs, family members and associates with ties to Russia on the UK list to 106, the government said on Thursday.

According to the government, company records show that Tenenbaum, a director at Chelsea, took control of Ervington Investments, an investment vehicle linked to Abramovich, on February 24, the day Vladimir Putin sent troops into Ukraine.

Davidovich then took over Ervington Investments from Tenenbaum last month, the government said, adding that Davidovich faces a travel ban as well as an asset freeze.

British Foreign Secretary Liz Truss called the move “the largest asset freeze in UK history”.

The size of the freeze indicates how much wealth Abramovich has invested in the United Kingdom, whose capital has been dubbed “Londongrad” because of the enclave of Russian oligarchs in the early 2000s.

The £10 billion the UK has frozen is higher than some of the top estimates of the Russian tycoon’s total net worth, with Forbes putting the figure at $8.2 billion.

The new round of sanctions came a day after a court in Jersey’s Channel Island impose an order freeze more than $7 billion in assets related to Abramovich. The UK government said it was acting in coordination with Jersey authorities.

“We are tightening the ratchet on Putin’s war machine and targeting the circle of those closest to the Kremlin,” Truss said. “We will continue sanctions until Putin fails in Ukraine. Nothing and no one is off the table.”

Chelsea Football Club did not immediately respond to Tenenbaum’s request for comment. Davidovich could not be immediately reached for comment.

The two are Abramovich’s longest-serving employees, both working at Sibneft, the oil and gas company he sold to the Russian state in 2005 in a $13 billion deal. strengthen his fortune.

Tenenbaum has been on the Chelsea board since 2003, when Abramovich bought the Premier League club he was selling. A biography on the Chelsea website describes Tenenbaum as one of Abramovich’s “closest associates”.

The sanctions against Tenenbaum come on the same day as Chelsea bidders had to submit their revised offers, with a slew of North American billionaires vying for a club Abramovich held for two decades. via.

London stock exchange records It was revealed last month that Abramovich transferred holdings of investments in UK-listed companies to both Davidovich and Tenenbaum after the invasion of Ukraine.

Davidovich currently controls Norma Investments in the British Virgin Islands, one of the tycoon’s main investment vehicles – whose name is an anagram of Roman. It eventually owns one of his superyachts as well as shares in British companies.

UK company records list Davidovich as residing in Israel and Tenenbaum in Jersey.



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