Abramovich’s assets frozen as sanctions strike

Roman Abramovich’s £500m central London property empire risks being seized by the government after sanctions were levelled against him and six other Russian oligarchs. The sanctions, based on “clear” links to Vladimir Putin’s regime, will bring Abramovich’s 20-year relationship with the UK to an end, freezing his ownership of Chelsea FC, his 70-odd London properties and other assets. Abramovich, whose wealth is cited at about £9.4bn by the UK government, owns assets including a Kensington mansion and Thames-side penthouse alongside aircraft, helicopters, yachts and cars dotted round the world. As well as attempting to head off sanctions by putting the football club on the market, Abramovich also put his £150m Kensington property up for sale in recent weeks. However, nothing can now be sold without specific permission from the UK government. Abramovich’s properties can no longer be rented out – or employ builders, cleaners or gardeners – and Chelsea FC cannot sell tickets for matches, merchandise, or even food at a profit to its owner. Meanwhile, Knight Frank has pulled the £18m Hamstone House in St George Hill from the market after widespread media reports that it is linked to a relative of Oleg Deripaska, another of the oligarchs sanctioned yesterday. The Times (£) and The Times (£) The FT (£) and The FT (£) The Guardian