RUSSIAN oligarch Roman Abramovich has lost an appeal against the EU’s decision to freeze his funds over links to tyrant Vladimir Putin.
The ex-Chelsea FC owner, 57, has been slapped with sanctions from the UK and the EU but has previously denied any financial relationship with despot Putin.
GettyRussian oligarch and ex-Chelsea owner Roman Abramovich[/caption]
AlamyThe billionaire is a pal of Russian tyrant Vladimir Putin (pictured together)[/caption]
AlamyAbramovich sold Chelsea football club in 2022 as a result of UK sanctions against Russian assets in the country[/caption]
Abramovich is one of the richest people in Russia and is one of many powerful players in the country to be sanctioned since Putin’s brutal invasion of Ukraine.
The EU also rejected his plea for compensation over damage to his reputation for £865,000 in a double blow for the oligarch, accused of financially supporting Putin’s regime.
The ruling said on Wednesday that Abramovich is a majority shareholder in major steel and mining company Evraz, which gives “a substantial source of revenue to the Russian Government”.
He has, as a result, benefited from decisions made by those in power who are responsible for the brutal conflict in Ukraine.
It comes after leaked documents revealed a multi-million pound trail linking him to two men dubbed the “wallets” of Putin, according to a BBC investigation.
The UK’s own sanctions against Russian assets in Britain resulted in his selling of Chelsea for £4.25 billion after 19 years of ownership.
Putin’s supposed pal also made claims today that his freedom had been hampered by sanctions from the EU blocking him from travelling amongst member nations.
EU judges rejected all of his claims and said it had not veered from it’s initial decision.
It said Abramovich had access to Putin and enjoyed a working relationship with him, helping the oligarch to remain obscenely rich.
Almost 1,800 individuals and entities such as companies or organisations have been slapped with sanctions since Russia invaded Ukraine – beginning with Crimea in 2014.
Abramovich was appealing against the inclusion of his name in the group of those sanctioned for their activities that finance the Russian government.
The EU court said today that his inclusion was correct and it does not result in an “unjustified and disproportionate infringement of his fundamental rights”.
They have targeted banks, companies, markets and the energy sector.
Over 1,000 Russian officials have been subject to asset freezing and travel bans alongside the former Chelsea owner.
The BBC investigation in November claimed to have found leaked documents from Cyprus that link the Russian oligarch to a secret £26 million ($40m) deal in 2010.
The alleged covert deal saw transferred shares in Video International, a highly-profitable Russian advertising company, for less than they appeared to be worth.
The transactions were allegedly made by companies ultimately owned by a trust connected with Mr Abramovich, to two members of Putin’s inner circle, who in return received millions of dollars in dividends.
A complex web of companies in Cyprus and the British Virgin Islands – as well as a trust – would have allegedly concealed the football tycoon’s involvement in the transaction, the BBC investigation claims.
Abramovich did not respond to requests for comment from the BBC at the time.
The oligarch, who was accused of supplying steel for Russian tanks, has repeatedly downplayed his relationship with Putin.
He has challenged suggestions of a close financial relationship or that he has acted on behalf of the Russian president.
When he sold Chelsea FC in 2022, he said: “I would like to address the speculation in media over the past few days in relation to my ownership of Chelsea FC.
“As I have stated before, I have always taken decisions with the Club’s best interest at heart.
“In the current situation, I have therefore taken the decision to sell the Club, as I believe this is in the best interest of the Club, the fans, the employees, as well as the Club’s sponsors and partners.
“The sale of the Club will not be fast-tracked but will follow due process. I will not be asking for any loans to be repaid. This has never been about business nor money for me, but about pure passion for the game and Club.”
The Russian said at the time that his team would set up a charitable foundation, with all proceeds of the sale donated.
He said: “All money raised will benefit all victims of the war in Ukraine.
“This includes providing critical funds towards the urgent and immediate needs of victims, as well as supporting the long-term work of recovery.”
Just days ago the Wall Street Journal reported that the billions of pounds pledged to victims of Putin’s war remain frozen in a UK bank account.
Abravomich also holds Portuguese and Israeli citizenship and Forbes puts his net worth at an estimate of £7.2 billion.