Who is Roman Abramovich?

Abramovich was born in southwestern Russia, where he was orphaned as a toddler. His mother and father died of blood poisoning and in a construction crane accident, respectively . He is of Russian Jewish origin and is reportedly a citizen of three countries : Russia, Portugal and Israel. Portugal gave him citizenship in April 2021 through a law offering naturalization to descendants of Sephardic Jews, Reuters reported . And in Israel, local media reported that authorities granted him Israeli citizenship under the Law of Return. Forbes reports that Abramovich’s net worth is about $8.2 billion, having peaked at $23.5 billion in 2008.

How did he make his fortune?

He initially worked odd jobs, including as a mechanic, as well as a perfume, deodorant and rubber duck salesman. He also served in the Red Army. But the Soviet Union’s collapse in 1991 changed all that. Russia’s government began loosening its grip on the economy and ramped up the privatization of state assets. It sold swaths of state-owned enterprise — from small businesses to large oil firms — in auctions and through privatization vouchers. People were able to buy refineries, mines and factories from the state on the cheap — and then sell them for a quick profit. This era helped establish the first generation of oligarchs in Russia. According to the BBC, Abramovich bought the state-owned oil company Sibneft for around $250 million in 1995, then sold it back to the government for about $13 billion a decade later. The outlet reported that his lawyers say there is no basis for any allegations that he amassed wealth through criminality. He created his wealth under Russian President Boris Yeltsin. But Abramovich has also prospered in the era of President Vladimir Putin. After Putin took power in 2000, Abramovich was elected governor of Chukotka in Russia’s northeast. He gained popularity for investing his own money in the region’s social services. He stepped down in 2008. In its official sanctions list, the British government described Abramovich as the owner of Chelsea and a stakeholder in the steel giant Evraz PLC, as well as the mining company Norilsk Nickel.

What ties, if any, does he have to the Kremlin and Putin?

Abramovich has long denied financial ties to Putin. But British Prime Minister Boris Johnson said this month , as he announced new sanctions on several Russian business leaders, that “clear evidence” had been established linking the targets, including Abramovich, “to the Putin regime.” Johnson did not provide details. A spokesperson for Abramovich did not immediately respond to a request for comment. Western policymakers hope that the sanctions targeting Russian business executives will squeeze Putin and persuade him to back down in Ukraine. Some experts say, however, that Russia’s oligarchs are no longer as influential as they once were inside the Kremlin. Still, Russian officials have confirmed Abramovich’s participation in the peace talks with Ukraine, including from an early stage. Kremlin spokesman Dmitry Peskov said this week that the football club owner was not an official member of the Russian delegation but was “from our side.” He was present in Istanbul to “ensur[e] certain contacts between the Russian and Ukrainian sides,” said Peskov, adding that Russia and Ukraine had approved Abramovich’s role. “I can confirm that Roman Abramovich was contacted by the Ukrainian side for support in achieving a peaceful resolution, and that he has been trying to help ever since,” Abramovich spokeswoman Rola Brentlin said in an emailed statement to Bloomberg News in late February. David Arakhamia, who heads the Ukrainian president’s party in parliament, confirmed to the Financial Times in late February that Abramovich was playing an “advocacy” role in the negotiations. “No idea who invited him but he plays a very positive role in the process,” Arakhamia said.

Why is he the target of sanctions?

Britain and the European Union have imposed sanctions on Abramovich. In its sanctions rationale , the British government wrote that 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.” It said that Abramovich obtained financial benefits from Putin and the Russian government, including tax breaks for his companies, the ability to buy and sell shares to and from the state at favorable rates, and lucrative contracts ahead of the FIFA World Cup in 2018. “Therefore, Abramovich has received preferential treatment and concessions from Putin,” the British government said. The United States has not imposed sanctions on Abramovich, in part because Ukrainian President Volodymyr Zelensky asked U.S. officials not to do so, according to a person familiar with the matter. Zelensky advised that Abramovich may be helpful in negotiating a peace deal, the U.S. official said, speaking on the condition of anonymity to describe private conversations.

How has Abramovich spent his money?

Much of his wealth appears to be tangled up in the West, in real estate, luxury goods, artworks and, of course, a world-famous sports team. He is linked to at least two superyachts, the 458-foot Solaris and the 533-foot Eclipse, Bloomberg News reports . He also has private jets, including a Gulfstream, which was among the 100 planes effectively grounded as a result of U.S. sanctions, according to the BBC . Abramovich bought the Chelsea football club for about $197 million in 2003 and is putting it up for sale with a reported value of $4 billion . In addition to luxury items, he has made donations to various groups. In the weeks leading up to Russia’s invasion of Ukraine, representatives of several Israeli organizations penned a letter to the U.S. ambassador to Israel , asking that the U.S. government refrain from imposing sanctions on Abramovich. On Feb. 23, one day before the invasion, Israel’s official Holocaust memorial and museum, Yad Vashem, announced that Abramovich had made a major donation — the organization’s second largest — to fund the International Institute for Holocaust Research. In 2018, Israel’s Tel Aviv University said that it would soon open the Roman Abramovich Building for Nanoscience and Nanotechnology, thanks to a $30 million donation from the businessman.

What is Abramovich’s stance on the war in Ukraine?

Abramovich rarely gives interviews, and the weeks since Russia’s invasion of Ukraine have been no exception. On Feb. 26, he said in a statement posted to the Chelsea website that he was “giving trustees of Chelsea’s charitable Foundation the stewardship and care of Chelsea FC.” In a letter posted on March 2, Abramovich said, “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.” He added that he instructed his team to set up a “charitable foundation where all net proceeds from the sale will be donated. The foundation will be for the benefit of 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.” He said that he will not be asking for any loans to be repaid from Chelsea as “this has never been about business nor money for me.” On March 10, the club released a statement saying that “by virtue of his 100 percent ownership” of the club, Chelsea would normally be subject to the same sanctions as Abramovich. The British government, however, issued a general license permitting the club to “continue certain activities.”

World

Who is Russian oligarch Roman Abramovich?

By Sammy Westfall

April 1, 2022 at 1:50 p.m. EDT

Chelsea Football Club owner Roman Abramovich looks on from the stands during the Barclays Premier League match between Chelsea and Manchester City at Stamford Bridge stadium in London on April 16, 2016. (Paul Gilham/Getty Images)

Among soccer fans, Roman Abramovich is a household name. As the longtime owner of the English Premier League’s Chelsea Football Club, the 55-year-old Russian businessman has transformed the association into a global powerhouse.

At the same time, Abramovich has worked to stay out of the spotlight, rarely giving interviews or posing for photos. In March, that posture was largely upended, as Western governments targeted Abramovich and other Russian oligarchs to punish Moscow for its invasion of Ukraine.

On Tuesday, the silver-haired billionaire was spotted in Istanbul on the sidelines of peace negotiations between Russia and Ukraine, although his exact role in the talks remains unclear. Also this week, an associate of Abramovich’s said that he and other negotiators had fallen ill of suspected poisoning after a meeting in early March.

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