Former Chelsea FC owner Roman Abramovich faces a problematic future after losing a legal battle to lift EU sanctions…
His superyachts, the $600 million Solaris and the $700 million Eclipse, remain inaccessible to him.
Russian oligarch Roman Abramovich has suffered many losses over the past few months. He has experienced a significant decline in his wealth, lost access to his superyachts, and recently faced defeat in a legal challenge aimed at lifting the European Union sanctions imposed on him following Russia's invasion of Ukraine. The EU court in Brussels dismissed his appeals and denied his requests for compensation. His connection to the steel company Evraz and the fact that the Russian government accounted for a significant portion of its revenues are reasons why he is not granted the clemency he sought.
"The General Court dismisses Mr. Abramovich's lawsuit, thereby supporting the restrictive measures taken against him," the court stated in its ruling, according to Reuters. "(The European) Council did not err in its assessment deciding to include, and then retain, Mr. Abramovich's name on the sanctioned lists, given his role in the Evraz group and, in particular, its parent company."
The issued statement said: "Mr. Abramovich has no ability to influence the decision-making of any government, including Russia, and has not benefited in any way from the war in Ukraine. The court's decision to uphold the sanctions against Mr. Abramovich is based solely on defining Mr. Abramovich as a 'Russian businessman,' which, under today's broad EU regulations, is sufficient to remain under sanctions, even if you are just a passive shareholder in a business sector unrelated to the war."
The tycoon was also sanctioned by the United Kingdom, leading to a life-changing event: the sale of his Chelsea FC. He owned the prestigious club for almost two decades, and then the club was sold for nearly $5 billion in May 2022 to billionaire Todd Boehly; Abramovich did not receive any income from the sale. Before the war, the billionaire's wealth was estimated at $15 billion, but it currently stands at $9 billion, according to Forbes. His assets are frozen, and some, like the megayachts Solaris and Eclipse, are anchored far away in Gocek, Turkey.
Both luxury vessels, valued at over $1 billion together, have been out of use for more than 18 months. With the appeal denied, the 57-year-old has also lost the right to use his luxury yachts. These pleasure yachts, valued at $600 million and $700 million respectively, are expensive to maintain, costing the sanctioned businessman at least $100 million annually. With most of his wealth and assets inaccessible, this situation appears burdensome. Only time will tell if Abramovich can turn things around, though there are no signs of hope in sight."
