Clive Mason Getty Images WASHINGTON (Reuters) – The United Kingdom said on Thursday it had frozen assets belonging to two Russian oligarchs worth up to 10 10 billion or $ 13 billion. The move against Eugene Tenenbaum and David Davidovich, two close associates of the most famous Russian billionaire Roman Abramovich, represents the largest asset freeze in British history, according to a government spokesman. Thursday’s asset freeze comes a day after authorities in the offshore tax haven froze more than $ 7 billion worth of assets linked to Abramovich. That brings the total value of frozen assets to up to $ 20 billion. Apart from the freeze, only Davidovic, not Tenenbaum, was banned from traveling to Britain. Jersey is a self-governing Channel Island headed by Britain’s Queen Elizabeth II. British officials said Jersey’s decision against Abramovich and the UK’s actions against Tannenbaum and Davidovic were coordinated. The moves are aimed at cutting off possible sources of cash that Russian President Vladimir Putin could use to fund his failed invasion of Ukraine. “We are tightening the noose on Putin’s war machine and targeting the circle of people closest to the Kremlin,” said British Foreign Secretary Liz Tras (below) in a statement announcing the freezing of assets on Thursday. “We will continue with the sanctions until Putin fails in Ukraine. Nothing and no one is off the table.” The British Foreign Secretary Liz Truss in Warsaw, Poland, on April 5, 2022 Mateusz Wlodarczyk | Nurphoto | Getty Images England, and London in particular, has long been a hub for Russia’s post-Soviet billionaire class, and many notable properties in the city’s most modern areas serve as second homes for Russian oligarchs. But Russia’s violent war in Ukraine and the international response to it threaten the financial security that the British pound and assets once represented to Russia’s richest and most connected oligarchs. The British sanctions imposed on Abramovich in March force him to sell the famous London football team Chelsea. A multi-billion dollar deal to sell the club is reportedly nearing completion, with four bidders continuing to claim one of Europe’s most successful football teams. In contrast to a high-profile asset such as Chelsea, the holding companies now controlled by Davidovich and Tenenbaum (bottom left) represent the other side of Abramovich’s empire, which is largely hidden. Chelsea owner Roman Abramovich (R) and director Eugene Tenenbaum (L) celebrate a goal for Chelsea – Bolton Wanderers in the Barclays Premier League on 25 February 2012. Jed Lester | Action pictures Reuters International sanctions imposed in response to Russia’s war in Ukraine have shed new light on the global maze of shell companies used by Russian oligarchs to disguise the sources and destinations of their wealth. Last week, relatively tiny tax havens such as Jersey and the Cayman Islands announced the freezing of tens of billions of dollars in assets held by sanctioned Russian oligarchs. Jersey has long been a secret tax haven for offshore companies. Some of the richest people in the world hide their wealth on the island using Byzantine labyrinths from shell companies. David Clapp | Photo Library Getty Images Tenenbaum and Davidovich are both involved with a Jersey-based company called Evrington Investments Limited, which is affiliated with Abramovich, according to British authorities. Company records show that on February 24, the same day that Russia invaded Ukraine, Abramovich transferred control of Evrington Investments to Tenenbaum. Less than a month later, Tenenbaum transferred control of the company to Davidovich. But it was not Tenenbaum who took over Abramovich’s assets on the very day of the invasion. On February 24, Abramovich transferred control of a separate company, Norma Investments, to Davidovich, according to company records. In the past, Abramovich has used Norma Investments to fund energy start-ups around the world, the Wall Street Journal reported. And they were not just companies. One of Abramovich’s largest yachts, the Aquamarine, was also flown to Davidovich on February 24, according to a survey by The Guardian. Technically, the 150-foot-long superyacht belongs to a company called MHC Jersey Ltd., which is registered in Jersey. Davidovich confirmed to the Guardian that he owned both the MHC and the yacht itself.
