Russian oligarch Roman Abramovich has lost a lot in recent months. He has seen a significant decline in his fortune, the loss of his superyachts, and most recently, he faced defeat in a legal challenge aimed at overturning European Union sanctions imposed on him following Russia’s invasion of Ukraine. The EU court in Brussels rejected the challenge and dismissed his claims for compensation. His involvement with the steel company Evraz and the fact that the Russian Government was responsible for a significant part of its revenue are reasons why he doesn’t get a clean slate.
‘The General Court dismisses the action brought by Mr. Abramovich, thereby upholding the restrictive measures taken against him,’ the court stated in its ruling, per Reuters. ‘The (European) Council did not err in its assessment by deciding to include, then maintain, Mr. Abramovich’s name on the lists at issue, in light of his role in the Evraz group and, in particular, its parent company.’
In a statement issued stated, ‘Mr. Abramovich does not have the ability to influence the decision-making of any government, including Russia, and has in no way benefited from the war in Ukraine. The court’s decision to maintain the sanctions against Mr. Abramovich was based purely on defining Mr. Abramovich as a “Russian businessman,” which under today’s broad EU regulations is sufficient to remain sanctioned, even if you are just a passive shareholder in a business sector with no connection to the war.’
The tycoon was also sanctioned by the UK, leading to a life-changing event: the sale of his Chelsea Football Club. He owned the prestigious club for nearly two decades, and it sold for nearly $5 billion in May 2022 to billionaire Todd Boehly; Abramovich did not receive proceeds from the sale. Before the war, the billionaire’s net worth was estimated at $15 billion, but is currently $9 billion, according to Forbes. His assets are frozen, and some, like the megayachts Solaris and Eclipse, are moored far away in Gocek, Turkey.
Both luxury vessels, valued at over $1 billion combined, have been away for over 18 months. With the appeal rejected, the 57-year-old has also lost the right to use his luxury yachts. There is no information on the condition of the yachts. The pleasure crafts, worth $600 million and $700 million respectively, are costly to maintain, costing the sanctioned businessman at least $100 million annually. With most of his wealth and assets inaccessible, this situation seems burdensome. Only time will reveal if Abramovich can turn things around, though there is no glimmer of hope in sight.
