Plastic letters arranged to read “Sanctions” are placed in front of the colors of Union Jack and the Russian flag in this illustration, made on February 28, 2022. REUTERS / Dado Ruvic / Illustration
Register now for FREE unlimited access to Reuters.com
I’m registering
- Britain has sanctioned two businessmen close to Abramovich
- Abramovich transferred the assets to the men after the invasion of Ukraine
- The United Kingdom is imposing the largest freeze on men’s assets
LONDON, April 14 (Reuters) – Britain on Thursday sanctioned two close associates of Chelsea owner Roman Abramovich in response to Russia’s invasion of Ukraine, saying the men had been subjected to the biggest asset freeze ever imposed by the government.
The targets were Chelsea football club director Eugene Tenenbaum and another Abramovich business associate, David Davidovich. Davidovic will also face a travel ban, which means he will be denied the right to enter or stay in Britain.
Abramovich, a billionaire businessman, transferred two companies he controls to Tenenbaum and Davidovich on the day Russia invaded Ukraine, Reuters reported last month. Read more
Register now for FREE unlimited access to Reuters.com
I’m registering
The government has said it has ordered a $ 10 billion asset freeze in connection with two men who were sanctioned for their close ties to Abramovich, one of several wealthy Russians added to Britain’s and the European Union’s sanctions last month. .
“We are tightening the rattle mechanism of (Russian President Vladimir) Putin’s military machine and targeting the circle of people closest to the Kremlin,” said British Foreign Secretary Liz Truss. “We will continue to impose sanctions until Putin fails in Ukraine. Nothing and no one is off the table.”
Earlier, Abramovich denied having close ties to Putin.
ASSET TRANSFERS
On February 24, Tenenbaum, Chelsea’s director, who is described on the club’s website as one of Abramovich’s closest associates, took full control of Ervington Investments Limited, which invests in at least eight companies, including Russia’s leading search engine Yandex .
Irvington served as an investment instrument for Abramovich for at least eight years. He was among the investors who invested $ 600 million in Yandex in 2020 and who invested in Via, a travel sharing app.
Last month, Tenenbaum told Reuters that his company had bought Ervington Investments in accordance with all laws and regulations, as this is a company he has worked with for many years. Last month, the company was transferred to Davidovic again.
Tenenbaum, 57, was born in Ukraine when he was part of the Soviet Union and has been on the Chelsea board for 19 years. He was previously head of corporate finance at Sibneft, a Russian oil company sold in 2006 by Abramovich.
He did not immediately respond to a request for comment. Reuters was unable to contact Davidovic immediately for comment.
Tenenbaum told Reuters last month that he disagreed with the way Abramovich was publicly described and hoped the sanctions imposed on him would be reassessed.
The British government said when it sanctioned Abramovich that he had been a close ally of Putin for decades.
Abramovich also moved another company, Norma Investments, to Davidovich on the first day of Russia’s attack on Ukraine.
Norma owns stakes in renewable fuels and biotech companies, according to corporate documents.
Britain was initially slower than the United States and the EU to impose sanctions on Russia after its invasion of Ukraine in February, but has gradually intensified after weeks of fighting.
The Royal Jersey Court has issued a formal order to freeze $ 7 billion in assets related to Abramovich on Thursday.
Abramovich was trying to sell the Premier League football club Chelsea before being sanctioned, but the process was pulled out of his hands by the British government after his finances were blacklisted.
Register now for FREE unlimited access to Reuters.com
I’m registering
Report by Andrew Macascill and Kylie McClellan; Edited by James Davy, Paul Sandal and Mike Harrison
Our standards: Thomson Reuters’ principles of trust.
Add Comment