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Jersey Seizes $7 Billion Assets Over Abramovich Links

13/04/2022

Police in Jersey have searched properties suspected to be connected to Roman Abramovich's business activities.

The billionaire is one of a number of prominent Russian oligarchs to have sanctions imposed on them as a result of the invasion of Ukraine.

In addition to the search warrants, $7 billion worth of assets believed to be linked to Mr Abramovich was seized by Jersey's Royal Court on Tuesday 12 April.

These assets are either in Jersey or owned by Jersey-incorporated entities, such as companies registered in the island.

In court terms, this is known as a "saisie judiciaire."

The business magazine Forbes estimated Abramovich's worth to be $14.5 billion in 2021.

Roman Abramovich made his money during the opening up of the former Soviet Union in the 1990s, when large state assets were sold to private individuals.

He has owned Chelsea Football Club for some years, but last month put it up for sale, because of the sanctions imposed on him.

https://www.channel103.com/news/jersey/jersey-seizes-7-billion-assets-over-abramovich-links/

JERSEY