Abramovich unable to sell Chelsea as UK government freezes his assets

BREAKING NEWS |

March 10, 2022

Chelsea owner Roman Abramovich is now unable to sell the club after the UK government froze the billionaire’s assets.

Abramovich had announced his intention to sell the club last week.

Despite there being plenty of interest, however, the sanctions now mean that the Blues face an uncertain future.

Abramovich had announced his intention to sell the club last week.

Despite there being plenty of interest, however, the sanctions now mean that the Blues face an uncertain future.

Why has Abramovich been sanctioned?

Abramovich has been penalised as part of the government’s sanctions on numerous high-profile Russians who have ties to president Vladimir Putin, who ordered the recent invasion of Ukraine.

HM Treasury’s Office of Financial Sanctions released a statement on Thursday which, in part, reads: “Roman Arkadyevich ABRAMOVICH (hereafter ABRAMOVICH) is a prominent Russian businessman and pro-Kremlin oligarch.

“ABRAMOVICH is associated with a person who is or has been involved in destabilising Ukraine and undermining and threatening the territorial integrity, sovereignty and independence of Ukraine, namely Vladimir Putin, with whom ABRAMOVICH has had a close relationship for decades.

“This association has included obtaining a financial benefit or other material benefit from Putin and the Government of Russia.

“This includes tax breaks received by companies linked to ABRAMOVICH, buying and selling shares from and to the state at favourable rates, and the contracts received in the run up to the FIFA 2018 World Cup.

“Therefore, ABRAMOVICH has received preferential treatment and concessions from Putin and the Government of Russia.”