How Russian billionaire Roman Abramovich fell from grace after Putin's invasion of Ukraine

Sophia AnkelDec 24, 2022, 16:50 IST

Russian billionaire and businessman Roman Abramovich attends meeting at the Kremlin, in Moscow, Russia, on December, 19, 2016.Mikhail Svetlov/Getty Images

Before Russia's invasion of Ukraine earlier this year, businessman Roman Abramovich had it all.
Aside from owning a vast number of assets, he also enjoyed close ties to Putin, officials said.

Roman Abramovich is one of Russia's most recognizable oligarchs.

Roman Abramovich no longer owns Chelsea FC.Clive Mason/Getty Images

The billionaire once had a vast luxury empire that included superyachts, private jets, flashy cars, extravagant real estate, and —most notably — the London soccer team Chelsea Football Club.

Roman Abramovich celebrates after the final match between Chelsea and Palmeiras at Mohammed Bin Zayed Stadium in Abu Dhabi, United Arab Emirates, on February 12, 2022.Michael Regan - FIFA/FIFA via Getty Images

The billionaire once had a vast luxury empire that included superyachts, private jets, flashy cars, extravagant real estate, and —most notably — the London soccer team Chelsea Football Club.

Abramovich has Russian, Israeli, and Portuguese citizenship. But because of the soccer club and his real estate, the UK was largely seen as his adoptive home.

Luxury properties in Chester Square in London, where a number of Russian property owners — including Roman Abramovich — are said to have invested.Richard Baker / In Pictures via Getty Images

The oligarch, who used to be the governor of a remote Arctic province called Chukotka, also enjoyed closed ties to Russian President Vladimir Putin, Western officials said.

Russian President Vladimir Putin (R) speaks as Roman Abramovich (L) looks on during a meeting in Sochi, Russia, on July 19, 2016.Mikhail Svetlov/Getty Images

The oligarch, who used to be the governor of a remote Arctic province called Chukotka, also enjoyed closed ties to Russian President Vladimir Putin, Western officials said.

So when Putin launched a full-scale invasion of neighboring country Ukraine, Abramovich was among the handful of Russian oligarchs who paid the price.

Protesters occupy the property of Russian oligarch, Oleg Deripaska, in Knightsbridge, London, on March 14, 2022.Richard Baker / In Pictures via Getty Images

In March, Abramovich was sanctioned by the European Union and the UK after ministers accused him of having ties to Putin, and — by extension — "blood on his hands."

Russian businessman Roman Abramovich attends a meeting at the Kremlin, in Moscow, Russia, on December 19, 2016.Mikhail Svetlov/Getty Images

In March, Abramovich was sanctioned by the European Union and the UK after ministers accused him of having ties to Putin, and — by extension — "blood on his hands."

A few days after the start of the war, Abramovich said he was selling Chelsea FC, ending 19 years of ownership.

Roman Abramovich celebrates Chelsea FC winning the Premier League in London, England, on May 21, 2017.Catherine Ivill/AMA/Getty Images

Before he was sanctioned, Abramovich was also rushing to offload some of his glitzy London real estate, reports said at the time.

Luxury properties in Chester Square in London SW1 where Roman Abramovich is said to own a home.Richard Baker/Getty Images

While many Russian oligarchs had their yachts seized following the sanctions, Abramovich was able to move his to safety.

Eclipse, the private luxury yacht of Russian billionaire Roman Abramovich, anchors in Mugla, Turkey, on November 1, 2022.Sabri Kesen/Anadolu Agency via Getty Images

Abramovich owns two of the world's most expensive superyachts: the $600 million Solaris and the $700 million Eclipse. As of December 15, both of the superyachts were in Turkey, tracking data shows.

Solaris, the private luxury yacht of Russian billionaire Roman Abramovich, anchors off the coast of Yalikavak, Turkey, on April 4, 2022.Ali Balli/Anadolu Agency via Getty Images

Abramovich owns two of the world's most expensive superyachts: the $600 million Solaris and the $700 million Eclipse. As of December 15, both of the superyachts were in Turkey, tracking data shows.

In June, a federal judge in New York authorized US officials to seize two of Roman Abramovich's private jets, saying that both jets flew to Russia in March — violating export restrictions.

Chelsea owner Roman Abramovich looks on from the stands during a match between Chelsea and Manchester City in London, England, on April 7, 2017.Paul Gilham/Getty Images

In June, a federal judge in New York authorized US officials to seize two of Roman Abramovich's private jets, saying that both jets flew to Russia in March — violating export restrictions.

Abramovich hasn't publicly condemned the war in Ukraine...

Roman Abramovich at Stamford Bridge in London, England, on May 21, 2017.Shaun Botterill/Getty Images

... but he acted as an envoy in peace talks between Russia and Ukraine in the weeks after the invasion.

Russian businessman Roman Abramovich attends the peace talks between delegations from Russia and Ukraine in Istanbul, Turkey, on March 29, 2022.Cem Ozdel/Anadolu Agency via Getty Images

After attending peace talks at the Ukrainian-Belarusian border in March, Abramovich suffered symptoms consistent with poisoning. He made a full recovery.

Russian billionaire Roman Abramovich in London, United Kingdom, on November 4, 2011.Andrew Winning/Reuters

His 27-year-old daughter, Sofia Abramovich, condemned the war in Ukraine, writing in an Instagram Stories post in March: "The biggest and most successful lie of Kremlin's propaganda is that most Russians stand with Putin."

Roman Abramovich and his daughter Sofia in Monaco, on June 27, 2015.Pascal Le Segretain/Getty Images

His 27-year-old daughter, Sofia Abramovich, condemned the war in Ukraine, writing in an Instagram Stories post in March: "The biggest and most successful lie of Kremlin's propaganda is that most Russians stand with Putin."

This in 2022, Abramovich has been spending most of his time in Turkey and the United Arab Emirates, where governments have not imposed any sanctions on Russian oligarchs.

Historic mansions line the waterfront in Istanbul, Turkey.Diego Cupolo/NurPhoto via Getty Images

This in 2022, Abramovich has been spending most of his time in Turkey and the United Arab Emirates, where governments have not imposed any sanctions on Russian oligarchs.

In June, he sued the European Union to unfreeze his assets and unblock his visa. The proceedings are ongoing.

Flags of Europe as seen waving on a pole.Nicolas Economou/NurPhoto via Getty Images

But new troubles keep coming. In December 2022, Canada said it would start the process of seizing $26 million from Granite Capital Holdings Ltd. — a company owned by Abramovich.

Chrystia Freeland, Canada's deputy prime minister and finance minister.Thomas Trutschel/Photothek via Getty Images

But new troubles keep coming. In December 2022, Canada said it would start the process of seizing $26 million from Granite Capital Holdings Ltd. — a company owned by Abramovich.

Photos of Caroline Ellison are hard to find, so here are 20 portraits by a robot of your fallen crypto queen wishing you a very happy holiday

Cookies on the Business Insider India website

How Russian billionaire Roman Abramovich fell from grace after Putin's invasion of Ukraine

Roman Abramovich is one of Russia's most recognizable oligarchs.

The billionaire once had a vast luxury empire that included superyachts, private jets, flashy cars, extravagant real estate, and —most notably — the London soccer team Chelsea Football Club.

Abramovich has Russian, Israeli, and Portuguese citizenship. But because of the soccer club and his real estate, the UK was largely seen as his adoptive home.

The oligarch, who used to be the governor of a remote Arctic province called Chukotka, also enjoyed closed ties to Russian President Vladimir Putin, Western officials said.

So when Putin launched a full-scale invasion of neighboring country Ukraine, Abramovich was among the handful of Russian oligarchs who paid the price.

In March, Abramovich was sanctioned by the European Union and the UK after ministers accused him of having ties to Putin, and — by extension — "blood on his hands."

A few days after the start of the war, Abramovich said he was selling Chelsea FC, ending 19 years of ownership.

Before he was sanctioned, Abramovich was also rushing to offload some of his glitzy London real estate, reports said at the time.

While many Russian oligarchs had their yachts seized following the sanctions, Abramovich was able to move his to safety.

Abramovich owns two of the world's most expensive superyachts: the $600 million Solaris and the $700 million Eclipse. As of December 15, both of the superyachts were in Turkey, tracking data shows.

In June, a federal judge in New York authorized US officials to seize two of Roman Abramovich's private jets, saying that both jets flew to Russia in March — violating export restrictions.

Abramovich hasn't publicly condemned the war in Ukraine...

... but he acted as an envoy in peace talks between Russia and Ukraine in the weeks after the invasion.

After attending peace talks at the Ukrainian-Belarusian border in March, Abramovich suffered symptoms consistent with poisoning. He made a full recovery.

His 27-year-old daughter, Sofia Abramovich, condemned the war in Ukraine, writing in an Instagram Stories post in March: "The biggest and most successful lie of Kremlin's propaganda is that most Russians stand with Putin."

This in 2022, Abramovich has been spending most of his time in Turkey and the United Arab Emirates, where governments have not imposed any sanctions on Russian oligarchs.

In June, he sued the European Union to unfreeze his assets and unblock his visa. The proceedings are ongoing.

But new troubles keep coming. In December 2022, Canada said it would start the process of seizing $26 million from Granite Capital Holdings Ltd. — a company owned by Abramovich.