BREAKING: Roman Abramovich hits by fresh sanctions as he suffers extra £5bn blow following latest development
According to latest reports, Roman Abramovich has had £5.4bn worth of assets frozen in Jersey as part of the Europe-wide crackdown on Russian oligarchs due to the Ukraine war.
Police on Channel Island searched premises that were said to be connected to the Chelsea owner. The billionaire, 55, a close ally of Vladimir Putin, was last seen in Moscow on March 15. He is facing crippling punitive sanctions from a host of nations, including France, who seized his £90m Riviera Chateau on Tuesday.
The Jersey Law Officers’ Department said in a statement: ‘Search warrants were executed by the States of Jersey Police at premises in Jersey suspected to be connected to the business activities of Roman Abramovich.
“The Royal Court also imposed a formal freezing order on April 12, known as a saisie judiciaire, over assets understood to be valued in excess of US$7bn which are suspected to be connected to Mr Abramovich and which are either located in Jersey or owned by Jersey incorporated entities.”
The island is a British Crown Dependency that follows UK policy and is part of the same sanctions regime. It has been a tax haven for decades due to its very low-income tax and non-existent inheritance, wealth, corporate or capital gains tax.
Abramovich was last month added to the list of Putin-tied oligarchs who face tough economic sanctions due to Russia’s invasion of Ukraine. Yachts, mansions and luxury assets have since been seized. French authorities have taken his Château de la Croë, situated on the French Riviera at Cap d’Antibes.
It is worth £90m, with a dozen bedrooms, and eight bathrooms. It is set in 12 acres of woodland next to the Mediterranean sea. Abramovich spent £30m restoring the Château after he bought it in 2001, adding a 15m swimming pool on the roof and inserting a huge gym and home cinema in the basement.
It was once a holiday home of Edward VIII and American socialite Wallis Simpson. Abramovich, who is in the process of selling Chelsea FC, has yachts worth around £1bn are in southwest Turkey, outside the jurisdiction of the EU and Britain.