Sanctioned Russian oligarch Roman Abramovich transferred more than $4 billion in assets to his children just three weeks before the invasion of Ukraine, divesting himself of upscale properties, private jets, helicopters, and superyachts.
According to leaked files revealed by The Guardian, 10 offshore trusts that hold assets belonging to the longtime associate of Russian President Vladimir Putin were amended in February 2022 — just ahead of the start of the war.
Abramovich was sanctioned by the United Kingdom and the European Union in March, but was not added to the U.S. sanctions list reportedly at the request of Ukraine after acting as an unofficial mediator in peace talks.
The files suggest the changes made to the trusts granted the seven children — five of whom are adults — a combined 51%, or, in some cases, 100% beneficial interest in the trusts' assets, which range from shares in Russian companies to a superyacht with nine decks and two helipads.
The reorganization of assets was discovered in hacked files from Cypriot company MeritServus, which has managed Abramovich's financial affairs for more than 20 years.
Demetris Ioannides, the chair and managing partner of MeritServus, did not respond to detailed requests for comment from The Guardian, saying the firm is prevented from disclosing information to third parties, citing European data protection rules and UK case law.
"The paramount responsibility of a trustee is to protect the assets of a trust," he said.
Citing files shared with the Organized Crime and Corruption Reporting Project, Forbes reports that Abramovich — who owns six yachts worth more than $1 billion — owns at least 10 more vessels than previously known.
Abramovich's Europa Trust held assets worth $2.6 billion at the end of 2021, The Guardian reported.
According to Bloomberg's Billionaires Index, the Russian oligarch's net wealth has increased by $72 million in the year to date, rising to $7.89 billion.
Abramovich also transferred ownership of two private jets worth $400 million to his children in February according to the June report of an FBI agent.
Fifteen days before the invasion of Ukraine, Abramovich tried to sell a property, but the sale was halted by Portuguese authorities, Insider reported.
The billionaire sold Chelsea football club for $5.3 billion after nearly two decades of ownership three months after being hit with sanctions.
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