Abramovich hides his $1 billion art collection from sanctions

Russian oligarch Roman Abramovich made an art collection worth almost $1 billion over his ex-wife weeks before Russia invaded Ukraine, fearing the consequences of Western sanctions.

According to a joint investigation by Important Stories and The Guardian, on February 4, 2022, three weeks before Russia's invasion of Ukraine, the charter of the owners of the Cyprus-based Ermis Trust Settlement was amended, according to which Abramovich's share in the trust was reduced and his ex-wife Daria Zhukova became the majority beneficiary of the trust with 51 per cent. The Russian oligarch was left with a 49 per cent stake.

Documents show that for 2018 Abramovich collected 367 exhibits worth $ 963 million. His art collection includes, in particular, paintings by Claude Monet and Pablo Picasso.

It is noted that the agreement came into force in February 2022, just days after the UK government warned Kremlin-friendly oligarchs that their assets could be seized if Russia invaded Ukraine.

On March 10, 2022, the UK imposed sanctions on Abramovich, which led to the freezing of his assets, including his Chelsea football club.

Soon after, the EU also imposed sanctions against Abramovich, and the Russian oligarch is appealing the decision. At the same time, he has not yet been hit by US sanctions.

Under EU, UK, and US rules, any assets exceeding 50 per cent of a sanctioned person's property can be frozen.