Tax haven freezes $7 billion of Roman Abramovich's assets
A Jersey court froze $7 billion in assets believed to be connected to Russian oligarch Roman Abramovich.
Why it matters: It's a massive freeze by the English Channel tax haven, equivalent to half of the billionaire’s publicly estimated wealth, per Bloomberg.
- Jersey's Royal Court issued the freeze, formally known as a saisie judiciaire, on the assets on April 12. The assets are either located in Jersey or owned by Jersey incorporated entities.
The big picture: Abramovich was sanctioned by the United Kingdom last month over Russia's invasion of Ukraine and his ties to Russian President Vladimir Putin.
- He's currently attempting to sell Chelsea FC, the Premier League soccer club, while two of his yachts have been identified for seizure in Antigua and Barbuda, Reuters reported.
- Abramovich is one of many Russian oligarchs facing sanctions and seizures because of the invasion and their relationship with the Kremlin.