Roman Abramovich has assets worth $7 billion frozen in tax haven Jersey

More than $7 billion in assets linked to Roman Abramovich have been frozen by authorities in the tax haven of Jersey in the English Channel in the latest crackdown on offshore wealth held by sanctioned Russian billionaires.

The Jersey royal court has imposed an asset freeze order, the local government said in a statement on Wednesday. At the same time, police executed a search warrant at premises “suspected of being linked” to him.

Abramovich was sanctioned by the European Union and the United Kingdom last month as part of sweeping sanctions against tycoons believed to be close to Russian President Vladimir Putin. Western measures against Abramovich have frozen his assets and the future of his football club Chelsea FC in doubt.

Monitoring the sanctions imposed on Russia following the invasion of Ukraine

Representatives for Abramovich, who has a net worth of $13.9 billion according to the Bloomberg Billionaires Index, did not immediately respond to requests for comment. The Jersey Law Department said it cannot comment beyond the statement at this time.

Part of the Channel Islands, Jersey is a self-governing British Crown dependency 22 km from France that depends on Britain for its defence. Besides financial services firms and tourists, the island has long been a magnet for the wealthy.

Jersey-registered Camberley International Investments Ltd., which has an address in the island’s capital, St Helier, is the provider of an exceptional $1.4 billion loan to Abramovich’s Chelsea holding company, according to documents filed in the UK last year.

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

David C. Barham