Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

UK imposes largest ever asset freeze on two Abramovich associates

UK imposes largest ever asset freeze on two Abramovich associates

Britain on Thursday sanctioned two close associates of Chelsea owner Roman Abramovich in response to Russia's invasion of Ukraine, saying the men had been subjected to the largest asset freeze ever imposed by the government.

Chelsea Football Club director Eugene Tenenbaum and another Abramovich business associate, David Davidovich, were targeted. Davidovich will also face a travel ban, meaning he will be refused the right to enter or remain in Britain.

Abramovich, a billionaire businessman, transferred two companies he controlled to Tenenbaum and Davidovich on the day Russia invaded Ukraine, Reuters reported last month.

The government said it had imposed a freezing order on $10 billion worth of assets linked to the two men, who were being sanctioned for their close association with Abramovich, who was among several wealthy Russians added last month to British and European Union sanctions.

"We are tightening the ratchet on (Russian President Vladimir) Putin's war machine and targeting the circle of people closest to the Kremlin," British Foreign Secretary Liz Truss said. "We will keep going with sanctions until Putin fails in Ukraine. Nothing and no one is off the table."

Abramovich has previously denied having close ties to Putin.



ASSET TRANSFERS

On Feb. 24, Tenenbaum, a director of Chelsea who is described on the club website as one of Abramovich's "closest associates", took full control of Ervington Investments Limited, which invested in at least eight firms, including Russia's top search engine Yandex.

Ervington has served as an investment vehicle for Abramovich for at least eight years. It was among investors who put $600 million into Yandex in 2020 and who put money into Via, a ride-sharing app.

Tenenbaum last month told Reuters his company had purchased Ervington Investments in compliance with all laws and regulations, because it is a company he has worked with for many years. The firm was transferred again last month to Davidovich.

Tenenbaum, 57, was born in Ukraine when it was part of the Soviet Union and has been on Chelsea's board for 19 years. He was previously the head of corporate finance at Sibneft, a Russian oil company sold in 2006 by Abramovich.

He did not immediately respond to a request for comment. Reuters was unable to reach Davidovich immediately for comment.

Tenenbaum told Reuters last month that he did not agree with the way Abramovich has been publicly characterised and he hoped the sanctions imposed on him would be reassessed.

The British government said when it sanctioned Abramovich that he had been a close ally of Putin for decades.

Abramovich also moved another company, Norma Investments, to Davidovich on the first day of Russia's attack on Ukraine.

Norma owned stakes in renewable-fuel and biotech companies, according to corporate filings.

Britain was initially slower than the United States and the EU to impose sanctions on Russia following its invasion of Ukraine in February, but has been gradually stepping up following weeks of fighting.

The Royal Court of Jersey imposed a formal freezing order on $7 billion worth of assets linked to Abramovich on Thursday.

Abramovich had sought to sell Premier League soccer club Chelsea before he was sanctioned, but that process was taken out of his hands by the British government after his finances were blacklisted.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Thieves Steal Antonello da Messina Renaissance Masterpieces From Sicilian Museum
Google Launches Pixel 11 With Gemini AI at the Center of Its Hardware Strategy
Russia’s A7 Builds a State-Linked Payments Network Beyond Western Sanctions
AI’s Next Bottleneck Is Power, Not Just Nvidia Chips
Meta Raises AI Spending Target to as Much as $145bn Despite Pressure Over Returns
Danube Drought Exposes Nazi Wrecks and Pushes Central Europe’s Power System to the Brink
Joe Biden’s Cancer Has Spread Beyond His Bones, Hunter Biden Says
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Why Markets May Look Quiet in August After Big Tech Earnings
UK Drought Cuts Harvests and Raises Food-Security Fears
UFO: Pentagon Releases Video of Unidentified Object Tracked Over Middle East
Ukraine Tells Senate Republicans Its Drone War Offers a Blueprint for America
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Senate Scrutinises AI-Driven Personalised Pricing
Spain Seeks Mainland Transfers for 1,100 Children Stranded in Ceuta
Spain and Morocco Trade Blame After 72,000 Migrants Enter Ceuta
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Europe’s Heat and Drought Are Now Disrupting Power, Shipping and Tourism
Europe’s Drying Rivers Trigger Power Cuts, Factory Shutdowns and Wildfire Emergencies
Record-Low Danube Forces Nuclear Cuts and Emergency Power Curbs
Danube Drought Forces Hungary’s Paks Nuclear Plant Into Full Shutdown
Ceuta Death Toll Rises as Spain and Europe Clash Over Border Response
Valued at $109 Million: F-35B Fighter Jet Crashes in Southern California
Record-Low Danube Exposes Probable Mammoth Remains in Bulgaria
US Says It Has Carried Out Heavy Strikes on Iran After Attempted Attacks on Its Forces
The AI User Nightmare: Private Claude Conversations Leaked to the Internet
Over 24 Hours in the Air: Qantas Airbus Completes Record-Breaking Test Flight
Massive Wildfires Ravage Southern Europe: Fatalities in Greece and Evacuations Across France, Spain, and Turkey
Nvidia Reportedly Takes Vast Texas Data-Centre Lease to Underwrite AI Expansion
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Apple Briefly Crosses Five Trillion Dollar Valuation as Investors Retreat From AI Bets
Fresh Heatwave Threatens to Rekindle France’s Historic Wildfire Crisis
Following OpenAI's Cyberattack: 'Most Companies Still Do Not Understand What Is Coming'
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Czech Central Bank Governor Rejects Early Euro Entry and Rate-Cut Pressure
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Vivienne Westwood Casts Cicciolina, 74, in Its New Autumn Campaign
Dejavu: Germany’s Military Expansion Reshapes Europe’s Strategic Balance With France
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Trump Draws Boos and Podium Scrutiny at Spain’s World Cup Triumph
Brilliant move: Péter Magyar Moves to Nominate Chess Grandmaster Judit Polgár as Hungary’s President
Spain Defeats Argentina in Extra Time to Win Second World Cup
Current AI Seeks to Build an Open Global AI Infrastructure Outside Big Tech Control
Germany’s Economic Malaise Reopens the Sunday Shopping Debate
Proposed U.S.-Saudi Nuclear Pact Could Permit Limited Uranium Enrichment Under International Safeguards
Netherlands Declares Water Shortage Emergency After Drought Pushes Rivers to Historic Lows
Why Kentucky Fried Chicken Became KFC—and Why the False Explanations Persist
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
×