Roman Abramovich sells his assets to avoid sanctions

Roman Abramovich sells his assets to avoid sanctions
Roman Abramovich

The oligarch wants to liberate himself from the yoke of sanctions.

Russian billionaire Roman Abramovich has decided to sell a part of his assets so that he would be excluded from the sanction lists. In addition, the oligarch wants to thus escape the control of power and political Russian groups, Head of the Center for Regional Policy Development Ilya Grashchenkov believes. 

In particular, the sale of 0.8% in the metallurgical and mining concern EVRAZ can provide a quiet life fo the oligarch, Grashchenkov said in an interview with Ura.Ru.

Prior to that, in March, Abramovich sold all Channel One sgaresto VTB, as well as got rid of 2.7 million shares of MMC Norilsk Nickel. According to Grashchenkov, under the conditions of the recession of the Russian economy, Abramovich gets rid of unnecessary and non-core assets while they are still worth something. 

“He would have left the big Russian business long ago so as not to feel sanctions on himself and not be dependent on those who control big business. First of all, they are siloviki and the inner circle of the president,” Grashchenkov said.

However, the political scientist added, Abramovich is forced to play by the rules of those whose circles he once entered. Grashchenkov believes the oligarch performs the function of a “wallet,” who must allocate money to finance various projects from time to time. 

“Therefore, the less he has assets of that kind and the more assets he has abroad, the quieter life he has. He does this carefully, so as not to quarrel with anyone and not ‘slam the door,’ so to say,” the expert concluded. 

In 2019, according to Forbes, the wealth of Roman Abramovich has reached 12.4 billion dollars. He ranks 10th in Russia’s richest businessmen list.

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