The billions Abramovich acquired through Russia’s privatizations were used to support his opulent lifestyle, which included beautiful homes, private aircraft, yachts, and fast vehicles, as well as the £1.5 billion he put into Chelsea and a portfolio of other ventures.
How did Abramovich Make his Money?
The most visible is a 29 percent investment in Evraz, a London Stock Exchange-listed industrial conglomerate with steel manufacturing sites in Russia, the United States, and Canada that reported $14 billion in sales in 2021.
The UK government highlighted Evraz as a justification for sanctioning Abramovich, as well as its opinion that he had “a strong association with Putin for decades.”
Evraz has been charged with providing services or supplies to the Russian government, including “possibly delivering steel to the Russian military that may have been used in the manufacturing of tanks.”
According to the firm, it “only sells long steel to the infrastructure and construction industries.”
After sanctions were imposed on Abramovich, the value of Evraz – £12 billion in 2021 – plummeted by 86 percent, and trading in its shares was halted.
The magnate has already angrily denied accusations of his apparent connection to Putin and Russia, as well as claims that he has done anything to warrant sanctions.
Is Roman Abramovich a Billionaire?
Yes, Roman Abramovich has a net worth of 7.2 billion dollars as of 2022. He is a billionaire.
