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Roman Abramovici no longer has access to wealth in the UK: UK has blocked $ 13 billion in assets

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Britain announced on Thursday that it had blocked assets worth about 10 billion pounds ($ 13 billion) belonging to two Russian oligarchs, Eugene Tenenbaum and David Davidovici, close to Russian billionaire Roman Abramovich, the largest action to freeze assets according to a London government spokesman, CNBC reports.

The asset freeze on Thursday came a day after authorities in Jersey’s offshore tax haven froze more than $ 7 billion in assets suspected of being linked to Abramovich.

The measures bring the combined value of frozen assets to $ 20 billion.

In addition to the asset blockade, Davidovich was banned from traveling to the UK, but not Tenenbaum.

Jersey is an autonomous Channel Island, whose head of state is Queen Elizabeth II of Great Britain.

But British officials say Jersey’s ruling against Abramovich and Britain’s actions against Tanenbaum and Davidovich have been coordinated. They are aimed at eliminating potential sources of cash that Russian President Vladimir Putin could use to finance his wrong invasion of Ukraine. Þ

“We are testing Putin’s war machine and targeting the circle closest to the Kremlin,” British Foreign Secretary Liz Truss said in a statement announcing a freeze on assets on Thursday.

“We will continue with sanctions until Putin fails in Ukraine. Nothing and no one is excluded, “Truss said.

England, and especially London, has long served as a hub for Russia’s post-Soviet billionaire class, and some iconic properties in the city’s most fashionable areas serve as second homes for Russian oligarchs.

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But Russia’s brutal war in Ukraine and the international response to it threaten the financial security that British pounds and British property once represented for Russia’s richest oligarchs.

The British sanctions imposed on Abramovich in March are already forcing him to sell the famous London football club Chelsea. It seems that a multi-billion dollar deal for the sale of Chelsea is nearing completion, with four bidders still in the running to own one of the most successful football teams in Europe.

Unlike a high-profile asset such as Chelsea, the holdings now controlled by Davidovich and Tenenbaum represent the other side of Abramovich’s empire, one that remains largely hidden.

International sanctions imposed in response to Russia’s war against Ukraine have shed new light on the global maze of front companies that Russian oligarchs use to mask the sources and destinations of their wealth.

Last week, relatively small tax havens, such as Jersey and the Cayman Islands, announced the freezing of tens of billions of dollars in assets held in their banks by sanctioned Russian oligarchs.

Jersey has long served as a secret offshore tax haven for corporations. Some of the richest people in the world hide their possessions in Jersey using Byzantine mazes of phantom companies.

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Tenenbaum and Davidovich are both involved in a Jersey-based company called Evrington Investments Limited, which is linked to Abramovich, according to British authorities. Q

Corporate records show that on February 24, the same day that Russia invaded Ukraine, Abramovich transferred control of Evrington Investments Limited to Tenenbaum. Less than a month later, Tenenbaum transferred control of Davidovici’s company.

But it was not only Tenenbaum who took over Abramovich’s assets on the day of the invasion. On February 24, Abramovici transferred control of a separate company, Norma Investments, to Davidovici, according to corporate records.

In the past, Abramovich used Norma Investments to fund energy startups around the world, according to the Wall Street Journal.

And it wasn’t just companies. One of Abramovich’s largest yachts, the Aquamarine, was also transferred to Davidovich on February 24, according to an investigation by The Guardian.

Technically, the super yacht is owned by a company called MHC Jersey Ltd, which is registered in Jersey. Davidovici confirmed to The Guardian that he owns both the MHC and the yacht itself.

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