Russian Billionaire Abramovich Faces Jersey Money Laundering, Corruption Charges

Russian billionaire Roman Abramovich is under investigation by Jersey authorities for alleged corruption and money laundering linked to the origins of his fortune, particularly surrounding his acquisition and later sale of the Russian oil company Sibneft. Swiss court documents released at Jersey's request reveal suspicions that Abramovich made corrupt payments in the 1990s to secure Sibneft and that proceeds from its $13 billion sale were funneled through Jersey-based trusts and companies, potentially violating sanctions following Russia's 2022 invasion of Ukraine. Jersey has frozen over $7 billion in assets connected to Abramovich, and searches of related premises were conducted, though some warrants were later deemed illegally obtained. Abramovich and his legal representatives have denied all allegations, emphasizing that no criminal charges have been filed against him in Jersey and describing the investigation as politically motivated. The probe involves cooperation between Jersey, Swiss, and Cypriot authorities, focusing on complex financial transactions through Swiss bank accounts and companies under Abramovich’s control. These developments follow Jersey's enforcement of UK sanctions against Abramovich and ongoing international scrutiny of his financial dealings.