Portugal has frozen Roman Abramovich’s $10m property it tried to sell before the invasion, report says

Portuguese authorities froze Roman Abramovich’s property after he tried to sell it 15 days before Russia invaded Ukraine.

The Portuguese newspaper public first reported the story.

However, it has been sanctioned by the European Union, the United Kingdom, Canada, Australia and Switzerland, while the United States is still debating whether do it too.

Abramovich owns a property valued at $10 million at Quinta do Lago in the Algarve region of southern Portugal.

Governments have struggled to determine what assets Russian oligarchs own, which is why Portugal has been slow to determine who owns the property.

The public report says a front company set up in Abramovich’s name, Millhouse Views LLC, is owned by Millhouse LLC, an investment holding company controlled by the Russian tycoon.

According to the report, the company tried to sell the property about two weeks before Vladimir Putin ordered the invasion of Ukraine, but Caixa Geral de Depsitos, Portugal’s second-largest bank, alerted authorities. The Portuguese Foreign Ministry has frozen the property since March 25.

Abramovich lost half of his net worth after a Jersey court froze $7 billion of his assets. He retains stakes in Russian steel giant Evraz and nickel producer Norilsk Nickel and is still worth nearly $9 billion, according to at Forbes,

David C. Barham