From Marylebone to Caribbean: wealth of Abramovich’s business partners revealed
The lavish wealth of Roman Abramovich’s business partners can be revealed today, including offshore investments in a Caribbean island resort, plans to redevelop a Marylebone church and a vast array of property in the UK and beyond.
Documents seen by the Guardian detail the sprawling business empire controlled by the Russian billionaires Alexander Abramov and Aleksandr Frolov.
The business partners hold a combined 29% stake in the Russian steel and coking coal producer Evraz, alongside Abramovich. Although not directly sanctioned, Evraz is named in the government’s sanctions against Abramovich and its shares are currently suspended. Neither Abramov nor Frolov have been the subject of sanctions in the UK, EU or US.
Abramov, a steel baron who founded Evraz and oversaw its listing on the London Stock Exchange in 2005, was given an award by Vladimir Putin in 2017 for his work, the Decoration For Beneficence. He was pictured with the president and defence minister, Sergei Shoigu, at the ceremony.
Margaret Hodge, the Labour MP, named Abramov in the House of Commons as one of a number of Russian billionaires who “made their money only because they are close to the Kremlin, and they sustain their wealth only because they remain close to the Kremlin.”
Both men were also named on the so-called “Putin List” of 210 prominent Russians released by the US Treasury in 2018. Abramov, Frolov and Evraz did not respond to requests for comment.
Announcing sanctions on Abramovich, the government has said it believes Evraz may make steel for the Russian military, including for tanks. Evraz has denied this, saying it only supplies steel to the infrastructure and construction sectors.
Jointly, Abramov and Frolov have an extraordinary portfolio,
Read more on theguardian.com
