Roman Abramovich in fresh $9.5 billion blow after Chelsea exit

Things keep going from bad to worse for Russian oligarch Roman Abramovich after his exit from Chelsea Football Club.

On Wednesday the Royal Court of Jersey imposed a formal freezing order on $9.5 billion worth of assets linked to Abramovich, while police have searched properties linked to the billionaire.

Abramovich is one of several wealthy Russians sanctioned over Vladimir Putin’s invasion of Ukraine, and governments have since been taking action to seize yachts and other luxury assets from them.

On Wednesday the Law Officers’ Department for the self-governing British Crown Dependency said Jersey Police had carried out searches of premises suspected of being connected to Abramovich’s business activities.

“The Royal Court also imposed a formal freezing order on 12 April, known as a saisie judiciaire, over assets understood to be valued in excess of US$7 billion which are suspected to be connected to Mr Abramovich and which are either located in Jersey or owned by Jersey incorporated entities,” it said.

Earlier this month, Antigua and Barbuda said it was willing to help Britain seize yachts owned by Abramovich.

Superyachts linked to the businessman, together worth an estimated $1.6 billion, have also been docked in southwest Turkey.

Abramovich was forced out as owner of Chelsea after the Premier League board banned him from running the club.

He had sought to sell the club before he was sanctioned, but that process was taken out of his hands by the British government after his finances were blacklisted.

Abramovich has since denied any ties to Putin and has been helping in peace talks with Ukraine.

Roman Abramovich associates cop heavy sanctions

On Thursday, Britain also sanctioned two close associates of Abramovich in the largest asset freeze ever imposed by the government.

Chelsea Football Club director Eugene Tenenbaum was targeted, along with David Davidovich.

Davidovich will also face a travel ban, meaning he will be refused the right to enter or remain in Britain.

Abramovich transferred two companies he controlled to Tenenbaum and Davidovich on the day Russia invaded Ukraine.

The government said it had imposed a freezing order on $13.5 billion worth of assets linked to the two men, who were being sanctioned for their close association with Abramovich.

“We are tightening the ratchet on (Russian President Vladimir) Putin’s war machine and targeting the circle of people closest to the Kremlin,” British Foreign Secretary Liz Truss said.

“We will keep going with sanctions until Putin fails in Ukraine. Nothing and no one is off the table.”

Tenenbaum was born in Ukraine when it was part of the Soviet Union and has been on Chelsea’s board for 19 years.

He was previously the head of corporate finance at Sibneft, a Russian oil company sold in 2006 by Abramovich.

Tenenbaum told Reuters last month that he did not agree with the way Abramovich has been publicly characterized and he hoped the sanctions imposed on him would be reassessed.