GREAT TIMING...

Roman Abramovich Shook Up Trusts Holding $4B+ Before Sanctions: Leak

Abramovich’s kids were made beneficiaries of the trusts just weeks before Russia invaded Ukraine, according to a report.

Russian oligarch Roman Abramovich made his children the beneficiaries of several offshore trusts holding billions of dollars shortly before he was hit by sanctions, according to a report. The Guardian claims to have seen leaked files showing Abramovich—the former Chelsea FC owner who has faced sanctions by the governments of the U.K. and EU for his alleged ties to the Kremlin—quickly reorganized the 10 trusts in early February 2022, around three weeks before the invasion of Ukraine began. Analysis reportedly shows that Abramovich made his seven children—one of whom is just 9 years old—the beneficiaries of the accounts containing at least $4 billion worth of assets including private jets, yachts, and luxury homes. The leak raises questions about whether the oligarch made the changes to protect his wealth from asset freezes.