UK blocks Abramovich’s Chelsea funds for Ukraine
After the Ukraine conflict intensified in 2022, Abramovich, who had owned Chelsea for two decades, was sanctioned by the UK. At the time, a probe into the origins of his wealth was launched in Jersey, one of the Channel Islands.
Jersey’s Royal Court issued a freezing order on £5.3 billion ($7 billion) in assets connected to Abramovich. The order also included £2.35 billion ($2.88 billion) from the 2022 Chelsea sale, funds the tycoon had reportedly intended to use to aid victims of the Ukraine conflict on both sides.
The money remains frozen in a UK bank account pending approval from the Foreign Office. While sanctions prevent Abramovich from accessing the funds, he retains legal ownership, meaning he must authorize any distribution.
Reports indicate that Jersey initially treated Abramovich as a criminal suspect. However, later documents revealed that property raids were conducted unlawfully. Abramovich’s lawyers claimed that authorities deleted crucial data during the investigation, a point highlighted after they compelled the release of internal communications concerning the case.
The Jersey court recently ruled in Abramovich’s favor, ordering the government to cover his legal expenses and criticizing its behavior as “extreme,” as stated by reports.
A spokesperson for Abramovich described the attorney general’s actions as “illegitimate” and “politically motivated,” arguing that the moves were aimed at enhancing Jersey’s reputation as a financial hub amid scrutiny over Russian funds. He also highlighted the irony of a government that once welcomed Abramovich’s “clean” money now facing criticism for its own conduct.
The UK operates its own offshore tax havens under crown protection, which facilitate tax avoidance for wealthy individuals and multinational corporations, according to reports.
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