Russian oligarch
Seven in one fell swoop: Authorities confiscate Abramovich’s villas and assets worth billions
Double setback: Jersey has frozen Roman Abramovich’s multi-billion dollar fortune. On the same day, twelve properties were confiscated in France
© Matt Dunham/ / Picture Alliance
Roman Abramovich is perhaps the best-known Russian oligarch on the EU sanctions list. Now the Channel Island of Jersey and France have frozen Abramovich’s assets worth billions.
Once again it’s not a good week for Roman Abramovich. The Russian oligarch, who had already been hit by numerous sanctions since the beginning of the Ukraine war, had to put up with several setbacks again: in sporting and, above all, economic terms. On Tuesday, his football club Chelsea FC – which he wants to sell as a result of the sanctions – was eliminated by Real Madrid in the quarter-finals of the Champions League, but on Wednesday the 55-year-old was rock hard. The government of the Channel Island of Jersey announced that it had frozen assets worth seven billion dollars (approx. 6.4 billion euros) – according to “Bloomberg” about half of the millionaire’s fortune. Several premises were also searched.
The multi-billionaire is considered to be one of the richest residents of the Channel Island, which as a so-called crown estate reports directly to the British royal family and is not part of the United Kingdom. The island is also a popular tax haven. According to the “Handelsblatt”, in 2018 German citizens parked assets worth over 180 billion euros on the island. The frozen assets are said to be directly related to Abramovich’s assets held on the island or owned by Jersey-incorporated companies, according to the local judiciary. According to the “Jersey Evening Post”, the company Camberley International Investments is said to belong to the oligarch’s empire. The Jersey-based company reportedly transferred £1.5 billion (around €1.8 billion) to Fordstam last year. This is another Abramovich company, based at the same address as Chelsea FC at London’s Stamford Bridge, and lending to them.
Authorities confiscate property belonging to Roman Abramovich
But that’s not all of the bad news. Because while the oligarch’s assets were frozen in Jersey, he lost several properties in France almost at the same time. The Ministry of Economy and Finance said on Wednesday that 33 properties belonging to oligarchs have been confiscated across the country. “This includes houses, superyachts and several helicopters,” a Treasury Department source was quoted as saying by the Guardian. According to “Le Parisien”, bank accounts with assets of 22.8 billion euros were also frozen. Twelve of the properties belong to Abramovich, including the Château de la Croë in Antibes, not far from Cannes. The oligarch bought the villa, built in 1926, in 2001 and invested several million euros in the restoration of the house. This features eight bedrooms, a gym, cinema and a 15 meter rooftop pool with direct access to the Mediterranean Sea.
The villa once belonged to the British King Edward VIII, who went into exile in France, among other places, after his abdication in 1936. Eduard had to abdicate because he wanted to marry the divorced Wallis Simpson – as head of the Anglican Church an affront that led to his abdication. Later, the villa and the seven-hectare property belonged to the Greek shipping magnate Aristotle Onassis, who later became the husband of Jackie Kennedy. According to the Guardian, the villa, which has a living space of around 3,000 square meters with its outbuildings, is worth around 100 million euros alone. Also confiscated was Abramovich’s villa Gouverneur on the Caribbean island of Saint Barthélemy, which belongs to the French overseas territory. The Economy Ministry did not disclose which oligarch owns which property, but published a list of the locations and buildings. However, the properties tend to be villas on the French Riviera around Cannes and in luxury ski resorts such as Meribel. (The full list can be found here.)
1091 people affected by EU sanctions
After the Russian invasion of Ukraine, the EU, Great Britain and the USA issued five packages of sanctions against Russia and many oligarchs and frozen assets worth billions. This affects 80 organizations and 1,091 individuals, including Russian President Vladimir Putin, Foreign Minister Sergei Lavrov, and oligarchs close to the Kremlin, such as Abramovich. The reasoning behind the EU’s sanctions against Abramovich on March 15 states that he is a long-standing and close ally of Putin. The connections to Putin would have helped him to accumulate his fortune. “He is also among the top Russian businessmen, working in sectors of the economy that serve as a major source of revenue for the government of the Russian Federation, which is responsible for the annexation of Crimea and the destabilization of Ukraine,” the statement said . Chelsea FC was also affected by the sanctions against Abramovich, which, among other things, are not allowed to buy or sell players. The British government forced Abramovich to sell the football club in early March.
On the other hand, the houses and estates of Abramovich in Great Britain are still untouched. According to The Guardian, the oligarch owns 70 houses, apartments and estates worth £250m (€300m) in the UK alone, including a €140m mansion in Kensington Palace Garden in London.
Sources: Guardians, Tf1info, Handelsblatt, Jersey Government, Jersey Evening Post, Bloomberg