April 13, (THEWILL) – As the Russian-led invasion of Ukraine continues, Roman Abramovich’s assets have once again come under heavy seizures due to the Russian oligarch’s closeness to President Vladimir Putin.
On Wednesday, the billionaires assets were frozen in Jersey, and the French government seized 12 luxury properties, including a near-£100 million estate on the Riviera that was previously the holiday residence of King Edward VIII.
The Royal Court of Jersey said on Wednesday that it had issued a formal freezing order on “assets understood to be valued in excess of US$7bn, which are suspected to be connected to Mr Abramovich and which are either located in Jersey or owned by Jersey incorporated entities”, according to the court.
Another crackdown in France on the assets of persons affected by sanctions targeted the Russian oligarch and Chelsea FC owner. On Wednesday, the Economy And Finance Ministry announced the seizure of 33 properties belonging to oligarchs, including a dozen belonging to Abramovich, all of whom had been sanctioned.
A source from the French finance ministry revealed: “They include homes, superyachts and helicopters, and add up to well over €25bn. There are 33 properties that have been frozen, including a dozen belonging to Roman Abramovich.”
Abramovich’s Château de la Cro property in Cap d’Antibes, which boasts eight bedrooms, a 15-meter rooftop pool, gym, and theatre, was among the confiscated belongings of the billionaire. Built in 1926, the villa is nestled on 12 acres of groomed gardens with views of the Mediterranean. The home is now valued at £90m-£100m, according to high-end estate agents.
THEWILL recalls that on March 10, UK ministers imposed sanctions on Abramovich, accusing him of having “clear connections” to Putin’s administration and belonging to a gang of wealthy Russian businessmen with “blood on their hands.”
However, none of Abramovich’s UK properties have been confiscated, including a £120 million mansion on Kensington Palace Gardens, right behind the royal palace. His family has amassed a £250 million property portfolio in the United Kingdom, which includes roughly 70 residences, structures, and plots of land.
But, he has been pressured to put Chelsea FC, which he purchased for £140 million in 2003, up for sale and the process of changing ownership is at an advanced stage under the handling of the Raine Group.
On Tuesday, local police in Jersey raided multiple residences linked to Abramovich, according to the government. “Search warrants were executed by the states of Jersey police on Tuesday, 12 April, 2022, at premises in Jersey suspected to be connected to the business activities of Roman Abramovich”, the Island’s Law Officers’ Department said.
Jersey is a self-governing British dependency that is popular among the world’s wealthiest, due to its low taxes and strong financial secrecy.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
