February 5, 2023

Athens News

News in English from Greece

Before the Russian invasion of Ukraine, Abramovich transferred billions of dollars of assets to his children

In early February 2022, three weeks before the start of the war, Russian billionaire Roman Abramovich transferred billions of trusts to children. This is what The Guardian has to say about it:

“The leaked files seen by the newspaper show that 10 secret offshore trusts created in favor of Abramovich were quickly reorganized in early February 2022, three weeks before the start of the Russian war against Ukraine. Abramovich’s massive financial reorganization began just days after governments began threatening to impose sanctions on Russian oligarchs in the event of an invasion.”

The changes have made the seven children of the oligarch, the youngest of whom 9 years old, beneficiaries of trusts holding assets worth at least $4 billion. However, the publication admits that the total value of assets could be much higher. AT article says:

“The changes appear to have made the children the ultimate beneficial owners of trophy assets long associated with their father, including luxury real estate and a fleet of superyachts, helicopters, private jets.”

Experts argue that such a reorganization of trusts could significantly complicate the implementation of sanctions against Abramovich and potentially frustrate attempts to freeze assets – previously believed to be owned by a Russian oligarch. The Guardian notes:

“These revelations are likely to raise the question of whether Abramovich’s children should also be subject to an asset freeze. Unlike family members of some of Putin’s closest advisers, many families of sanctioned oligarchs have escaped restrictions.”

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