Offshore companies against sanctions
Abramovich is apparently concealing art assets worth billions
September 22, 2023, 12:05 p.m
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Roman Abramowitsch’s billion-dollar fortune is also said to include an art collection with some spectacular works. According to media reports, in order to protect them from access by sanctions investigators, the Russian oligarch uses a network of offshore companies.
Russian oligarch Roman Abramovich is said to own an art collection that could be worth more than a billion dollars. In order to avoid the sanctions against him, the former owner of Chelsea FC, according to research by several media companies – including “Spiegel”, “Guardian” and ZDF – disguises this valuable property through a network of offshore companies.
According to their own statements, the editors evaluated numerous secret documents from the Cypriot financial service provider Meritservus, to which they gained access through a leak. Again “Mirror” reported, these show that Abramowitsch can call his own some spectacular works by the most successful artists in the world, from Monet to Picasso to Gerhard Richter. The work “Klitschko” by Andreas Gursky, which Abramowitsch bought ten years ago for 1.3 million euros through one of his offshore companies, seems ironic.
Shortly after the start of Russia’s war of aggression against Ukraine, the EU and Great Britain imposed sanctions against Abramovich; the oligarch, who is one of the wealthiest people in the world, had to sell Chelsea FC to an American consortium. Meritservus is now also on the British sanctions list.
Shortly before the start of the war, shares were transferred to ex-wife and children
According to the report, in 2021 the billionaire gave his ex-wife Daria Schukova half of the claims to a trust company that owns numerous valuable pictures through a sub-company. Three weeks before the start of the war, Zhukova’s share was increased to 51 percent.
According to the magazine, Abramowitsch did not answer questions about the company network. Zhukova’s lawyer said she never took any steps to evade sanctions, including with regard to the works of art in the trust. In her opinion, this should benefit their children. She condemns Russia’s war of aggression in the letter.
Shortly before the start of the war, Abramovich had also transferred assets worth at least four billion US dollars to his children, according to research by the Guardian. Ten secret offshore organizations were reorganized accordingly. A few days earlier, governments had threatened Russian oligarchs with sanctions in the event of an invasion. Luxury properties went to the children, as did super yachts, helicopters and private jets.
Gallery owners and collectors emphasized to “Spiegel” that they had not done any business with Abramovich since the beginning of the war. Sanctions would of course be adhered to.