Russia Ukraine Invasion: Abramovich loses £300m in one day as battle to take Chelsea away from him hots up

February 24th, 2022 by Olasunkanmi Ibikunle

Chelsea FC owner Roman Abramovich is facing a barrage of problems in the wake of Russia invasion of Ukraine on Thursday, ranging from losing a whopping £300million in a day and calls to strip him of ownership of the west London club.

According to the Daily Mail, the billionaire was named in papers leaked to an MP today that linked him to Vladimir Putin’s regime and “public association with corrupt activity and practices”.

The release of the Home Office document led to calls for him to be stripped of his right to own a football club in Britain.

Downing Street tonight did not name him among those to be punished in the wake of Putin’s strike against Kyiv, instead naming five senior Russia-based cronies of the regime.

But he has been affected nonetheless, via turmoil created in global markets. Shares in mining firms Evraz and Polymetal International fell by between a quarter and a third.

Mr Abramovich is Evraz’s largest shareholder and its shares tumbled to close 30 per cent down on the day – wiping nearly £300 million off his holding.

He has faced renewed focus on his business activities in recent days but has always denied any wrongdoing or grounds for him to be sanctioned.

He withdrew his application for a British Tier 1 investor visa in 2018, after reported delays in his application following criticism of Russian oligarchs in the wake of the Salisbury poisonings.

According to The Sun, senior security sources now say it is unlikely that the 55-year-old will ever be allowed to live in Britain again.

Immigration officials are reportedly under instructions to make it impossible for Mr Abramovich – who owns a £125million mansion near Kensington Palace – to base himself in the UK.

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