Roman Abramovich reportedly transferred control of a multi-million pound business to a Chelsea director on the day Russia launched their invasion of Ukraine.
The Blues owner, who has subsequently put the Premier League giants up for sale has always strenuously denied he has a close relationship with President Vladimir Putin, but was added to the UK Government’s sanctions list on March 10. The move saw the 55-year-old’s assets frozen, with Chelsea forced to operate under a strict new operating licence.
It has since been determined that Abramovich will be allowed to sell the club, but in a way which will ensure the Russian billionaire receives no financial income from the sale. But Britain was slower in implementing sanctions on Russian oligarchs based in the country than their US and European counterparts, with lawmakers suggesting it was giving individuals time to move their assets before curbs were announced.
And Reuters has claimed that Abramovich, who had previously been listed as the ‘beneficial owner’ of Cyprus-based Ervington Investment Limited, handed full control of the company to Chelsea director Eugene Tenenbaum on February 24, the day Russia began the invasion of their neighbouring country. The club’s official website describes Ukrainian born Tenenbaum as one of Abramovich’s “closest associates” having joined the board at Chelsea shortly after the takeover in 2003.
Tenenbaum was formerly head of corporate finance at Sibneft, the oil company sold by Abramovich in 2006, and had been on the board at Evraz plc. When they placed the sanctions on the Chelsea owner, Evraz, a steel company in which Abramovich is the largest shareholder, could contribute to the war against Ukraine and supply steel for Russian tanks, a claim Evraz has vehemently denied.
Mr Tenenbaum told Reuters that his company had purchased Ervington from a trust in which Abramovich and his children were previously the beneficiaries. He also claimed that the transaction was in compliance with laws and regulations.
"Ervington is a company that I have worked with for many years," he said. "I know the company's investments and employees well, and buying Ervington provides me with an opportunity to continue to work with this business, under my control and for my, and the employees' benefit."
The deal means that the assets held by Ervington would not be subject to the sanctions imposed on Abramovich. Tenenbaum, who is now unable to work along his long-term associate, has pleaded with the UK government to reassess the sanctions put in place.
"It is my hope that the unjust measures imposed on Mr Abramovich will be reassessed," he added. "Unfortunately, as a British citizen and due to the new regulations, I am unable to continue to work with him personally."
Reuters adds that along with Ervington, Abramovich also transferred Norma Investments to another associate, David Davidovich, on February 24. Mirror Football has approached Chelsea and Mr Abramovich for comment.
