Abramovich: He transferred assets to his children to avoid sanctions

Russian oligarch Roman Abramovich tried to protect his wealth by transferring several billion dollars to his children before sanctions were imposed on him in retaliation for Russia’s invasion of Ukraine, according to information published today by the British newspaper The Guardian.

According to documents in the newspaper’s possession, ten trusts owned by Abramovich were reorganized in early February 2022, just weeks before the Russian invasion of Ukraine. With these amendments, Abramovich’s seven children – the youngest is 9 years old – became beneficiaries of large sums of money, at least 4 billion dollars.

This transfer was not illegal.

Abramovich’s assets included real estate, yachts, helicopters and private jets. It will now be difficult to confiscate or freeze since his children are not subject to sanctions. The authorities would have to prove that the billionaire is the one who actually controls them.

The documents cited by the newspaper came from the hacking of a financial company that managed Abramovich’s assets in Cyprus.

In March 2022, the European Union and Britain placed Abramovich on the list of persons subject to sanctions due to his close ties to the Russian regime. However, the US has not sanctioned him, a fact denounced by jailed Russian dissident Alexei Navalny, who claims his companies “continue to supply metals to the Russian Ministry of Defense”. The US only seized two aircraft belonging to Abramovich last June because they were used to circumvent sanctions against Russia.

In September, the oligarch played a role in the release of five Britons held captive by the Russians in Ukraine. One of them said that Abramovich was on the plane in which they left Russia.