Russia oligarch and Chelsea soccer club owner Roman Abramovich's $7bn assets frozen

A court in the Channel Island of Jersey on Wednesday, April 13 froze $7bn in assets linked to Russian Oligarch and Chelsea soccer club owner Roman Abramovich. The move came after the Island’s police launched a search operation into the premises “suspected to be connected to the business activities of Roman Abramovich”. 

“The Royal Court imposed a formal freezing order on 12 April  over assets understood to be valued in excess of $7 bn, which are suspected to be connected to Abramovich,” the government stated in a release. 

“Search warrants were executed by the States of Jersey Police on Tuesday 12 April 2022 at premises in Jersey suspected to be connected to the business activities of Roman Abramovich,” it went on to add. 

The Royal court of Jersey in its statement did not mention the location of the properties. Forbes estimate suggests that the Russian oligarch’s net worth is around $8.2 billion.. According to Bloomberg Billionaires Index, the net worth of the Oligarch is approximately $13.9 billion. The Royal Court said in its release that the assets “understood to be valued in excess of US $7 billion are suspected to be connected to Abramovich and which are either located in Jersey or owned by Jersey incorporated entities.” 

Oligarch among seven wealthiest Russians

The European Union had already imposed sanctions on the Oligarch as a part of a new package of measures targeting Russian President Vladimir Putin’s close allies. The name of the Russian oligarch is mentioned in the EU’s updated list of individuals facing assets' freeze and travel bans in a coordinated move with the US and the UK. The 55-year-old has also been sanctioned by British Prime Minister Boris Johnson’s government. The aluminum magnate is reportedly among the seven wealthiest Russians known.

Abramovich “has had privileged access to the (Russian) president, and has maintained very good relations with him. This connection with the Russian leader helped him to maintain his considerable wealth,” the EU stated while declaring sanctions. “He is a major shareholder of the steel group Evraz, which is one of Russia’s largest taxpayers,” the European Council said. “He has therefore been benefitting from Russian decision-makers responsible for the annexation of Crimea or the destabilization of Ukraine.”