Latest news with #RomanAbramovich
The Guardian
12 hours ago
- Business
- The Guardian
Abramovich business associate Eugene Shvidler fails to overturn UK sanctions
A business associate of the oligarch Roman Abramovich has failed to overturn sanctions imposed on him after Russia's invasion of Ukraine, after a supreme court judgment seen as a test case for the UK's sanctions regime. Eugene Shvidler served on the board of companies owned by the former owner of Chelsea football club and now lives in the US. He was placed under sanctions by the UK government in March 2022 as part of measures to target Russia-linked oligarchs and officials after Vladimir Putin ordered the invasion of Ukraine. Shvidler, who was born in the USSR in 1964, grew up in Moscow but is now a British citizen, had challenged his designation at the high court in 2023 and then appealed against that decision last year. He argued the measures caused disproportionate hardship and discriminated against him as a Russian-born person, while also claiming he was not closely associated enough to Abramovich to justify the Foreign Office's move. On Tuesday, a majority decision of four supreme court justices to one dismissed the businessman's appeal, saying that sanctions had to be tough to be effective. The judgment stated: 'Sanctions often have to be severe and open-ended if they are to be effective. The object of the designation in relation to Mr Shvidler is that he should so far as possible be disabled from enjoying his assets and pursuing his wealthy lifestyle.' The judges added: 'We accept that [the government's] evidence establishes that there is a rational connection between the designation of Mr Shvidler and the aim of this sanction … as the courts … correctly recognised in Mr Shvidler's case, the effectiveness of a sanctions regime depends on the cumulative effect of the measures imposed under that regime. The imposition of sanctions in relation to Mr Shvidler contributes to that cumulative effect.' However, in a 20 page dissenting judgment, Lord Leggatt said he disagreed with the majority's decision that the sanctions were lawful, describing it as 'Orwellian' and arguing he did not consider the government had shown a rational connection between the freezing of Shvidler's assets and the objective of sanctions. 'I do not consider that the reasons relied on by the government come close to justifying such a drastic curtailment of his liberty,' he wrote. Shvidler said: 'This supreme court judgment brings me back to the USSR, which I left as a stateless refugee 36 years ago, seeking sanctuary in the US. Back then, individuals could be stripped of their rights with little or no protections and that is how I feel about this judgment.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The UK government imposed sanctions on Shvidler on grounds including that he was associated with Abramovich, who in turn had obtained a benefit from or supported the government of Russia. The Foreign Office argued the men were associated because Shvidler was a long-serving director of Evraz, a steel and mining company in which Abramovich was a leading shareholder. It said he had also served as chair of Millhouse LLC, the Moscow-based arm of the UK company that managed assets for Abramovich and Shvidler himself. In a related case, the judges unanimously dismissed an appeal by Dalston Projects Ltd, a St Kitts and Nevis company that owns a luxury yacht that has been detained at a London dock. The ultimate owner of the yacht is Sergei Naumenko, a Russian citizen and resident who said he had been prevented from earning substantial income from chartering the vessel.
Reuters
12 hours ago
- Business
- Reuters
Russian oil tycoon Shvidler loses Supreme Court appeal against UK sanctions
LONDON, July 29 (Reuters) - Billionaire oil tycoon Eugene Shvidler on Tuesday lost his latest attempt to overturn British sanctions imposed over Moscow's invasion of Ukraine at the UK's Supreme Court. Shvidler was sanctioned in March 2022 on the grounds of his association with former Chelsea Football Club owner Roman Abramovich, plus Shvidler's former position as a director of London-listed Russian steel producer Evraz (EVRE.L), opens new tab. He argued the decision was arbitrary, as other companies and executives involved in business which is strategically significant for Russia have not been targeted. But Britain's Foreign Office, which has overseen the sanctioning of more than 1,700 individuals or entities since Russia's invasion, argued it was right to believe sanctioning Shvidler could secure Britain's foreign policy aims. Shvidler – whose net worth is estimated by Forbes magazine at $1.6 billion – appealed to the UK's Supreme Court, with his lawyers arguing that others with greater involvement in business of importance to Russia were not sanctioned, citing BP's (BP.L), opens new tab previous joint venture with Rosneft ( opens new tab. The Supreme Court, however, rejected Shvidler's appeal by a four-to-one majority in a ruling that maintains Britain 100% record of defending Russian sanctions challenges in court. Shvidler had said British sanctions have destroyed his business and disrupted his and his family's lives. But the majority of the Supreme Court ruled that the sanctions struck a fair balance between Shvidler's rights and the aims of the sanctions regime. Shvidler's case was heard by the Supreme Court shortly before a separate appeal brought by Russian businessman Sergei Naumenko, whose superyacht was detained in London. Naumenko said he was targeted simply because he was a wealthy Russian, despite the fact that he had no involvement in Russian politics. The Supreme Court unanimously dismissed Naumenko's appeal.
Bloomberg
12 hours ago
- Business
- Bloomberg
Billionaire Shvidler Loses Last Ditch Attempt to Lift UK Sanctions
A billionaire ally of Roman Abramovich lost a last ditch attempt to lift sanctions at the UK top court, as judges declared that the measures had to be tough to be effective. Eugene Shvidler, a British citizen now living in the US,, attempted to appeal the restrictions, arguing that they'd shattered his reputation. The case was the first involving a designation under the Russian restrictions to go before the UK's most senior judges and a test of the British government's pursuit of tycoons and their assets.
Daily Maverick
20-07-2025
- Business
- Daily Maverick
Crying foul — Club World Cup had some shining moments, but it remains divisive
Player welfare remains a major talking point after the first edition of Fifa's global club tournament, which concluded in the US this month. It came in dragging a mixed bowl of ingredients such as controversy, optimism for a new dawn, derision and apprehension. After its conclusion, Fifa's revamped Club World Cup is still a divisive subject. What worked and what didn't work during the month-long spectacle, which was won by English side Chelsea? From a purely footballing perspective there were a few takeaways, not least that Chelsea appear to be heading to much calmer waters since the club was plunged into turbulence in 2022. That year, the UK government sanctioned Chelsea's Russian owner, Roman Abramovich, during a crackdown on Russian oligarchs after Moscow invaded Ukraine. This forced him to sell the club. Blues on the right path Since then, the Blues have endured tough times, despite being taken over by a US consortium headed by American businessperson Todd Boehly. This includes finishing a lowly 12th during the 2022/23 season. Under Enzo Maresca, the third permanent manager Chelsea have had since the US takeover, some stability has been established, as evidenced by the 3-0 demolition of Paris Saint-Germain (PSG) in the Club World Cup final. 'The last few years have not been what the club deserves or what the history of this club says. This year, luckily, has gone quite well,' Maresca said. 'We finished top four [in the Premier League] and qualified for the Champions League. In the Conference League, we managed to win it, and now we are in this final. We are very proud to help the club get back to where it deserves to be,' he added. PSG power Despite losing the final, PSG played some of the most enterprising soccer at the tournament. It's a clear sign that Luis Enrique's team will once again be a force to be reckoned with next season – especially as they undertake the daunting task of defending their European Champions League title. Central to this will be Désiré Doué. The young French star impressed in the US, underlining his quality and strengthening the widespread belief that he will become one of the most influential players of his generation. For his twinkle-toed displays in North America, Doué was crowned young player of the tournament. Although a number of teams walked away from the tournament having increased their respective global profiles and fattened their pockets from the $1-billion total prize money, it was the Brazilian teams that truly caught the eye. 'The South American teams coming to this tournament here showed fantastic attitude, to prove a point that they're good teams,' said 1990 Fifa World Cup winner Jürgen Klinsmann. 'And the other teams, the Europeans… they really showed up. They embraced this tournament and we saw fantastic football throughout.' Player welfare Despite some of these positives, the tournament has been the subject of heavy criticism, particularly in relation to player welfare. Footballers such as Belgian midfielder Kevin De Bruyne and his former Manchester City teammate Rodri have been vocal about the extra workload that will come with the expanded Club World Cup, even though it is a quadrennial tournament. Former Liverpool manager Jürgen Klopp is another critic of the tournament, which has grown from just seven participating teams to the 32 that played in the US in 2025. Klopp has labelled the showpiece 'the worst idea ever implemented in football'. 'Last year we had the Copa America and European Championship, this year the Club World Cup and next year the World Cup,' Klopp told German news channel Welt. 'This means no real recovery for the players who are there, neither physically nor mentally…' Global soccer player union Fifpro has also spoken out against the Club World Cup for the same reasons as Klopp, and accused world soccer governing body Fifa of being a bully. Scathing attack on Fifa In the aftermath of the tournament, Fifpro president Sergio Marchi released a scathing statement aimed at Fifa. He minced no words as he addressed player welfare as well as the harsh weather conditions in which some matches were played. 'Although the recent Club World Cup generated enthusiasm among many supporters and allowed some of the biggest names in world football to be seen in the same tournament, Fifpro cannot fail to point out, with absolute clarity, that this competition hides a dangerous disconnection with the true reality that most footballers around the world are going through,' Marchi said. 'What was presented as a global festival of football was nothing more than a fiction staged by Fifa, driven by its president, without dialogue, without sensitivity and without respect for those who sustain the game with their daily efforts. 'A grandiloquent staging that inevitably recalls the 'bread and circuses' of Nero's Rome – entertainment for the masses while behind the curtain the inequality, precariousness and lack of protection of the real protagonists deepens,' stated Marchi. 'The tournament also took place under unacceptable conditions, with matches being played in extremely hot weather and at temperatures that put the physical integrity of the players at risk. This situation must not only be denounced, but must also be strongly condemned. Under no circumstances must this happen again at next year's Fifa World Cup. 'You can no longer play with the health of footballers to feed a marketing machine. No spectacle is possible if the voice of the protagonists is turned off.' 'The next best thing' In spite of this harsh criticism, Fifa president Gianni Infantino is upbeat about the future of a tournament that he conceptualised. Infantino believes his idea can only become better in the future, judging from this first iteration. 'The golden age of club football has started. We can definitely say this Club World Cup has been a huge success,' he said. 'We heard that financially it would not work, that nobody is interested. But I can say we generated almost $2.1-billion in revenues, for 63 matches. That makes an average of $33-million per match – no other club competition in the world comes close. It is already the most successful club competition in the world. 'All the teams who have come here have been happy. Some teams who didn't come here because they didn't qualify were calling us to see how they could qualify… 'We created something new, something which is here to stay, something which is changing the landscape of club football.' Whether it is changing club soccer for better or for worse remains a prickly talking point. The next edition of the tournament is set for 2029 and a host is yet to be selected. DM
The Guardian
16-07-2025
- Business
- The Guardian
UK's anti-corruption champion to go to offshore haven on fact-finding mission
The Foreign Office will dispatch the UK's anti-corruption champion, Margaret Hodge, to the British Virgin Islands (BVIs) to find out why the offshore haven is dragging its feet on proposals designed to fight financial crime. Several of the UK's semi-autonomous British overseas territories missed last month's deadline to implement new registers of corporate ownership, a measure targeting the secrecy regimes campaigners say benefit criminals and kleptocrats. But, while territories such as Anguilla and Bermuda are understood to be on the verge of complying, Foreign Office ministers are running out of patience with the BVIs' slow progress. Companies based on the islands have appeared in multiple international investigations into alleged wrongdoing, including the Paradise Papers and revelations about alleged tax evasion by the Russian oligarch and former Chelsea FC owner Roman Abramovich. On Wednesday, the day after meeting leaders of the overseas territories, the Foreign Office minister Stephen Doughty said he would send the veteran anti-corruption campaigner Lady Hodge to the islands on a 'fact-finding' mission. 'This government is committed to tackling illicit finance and working with our overseas territories is crucial to addressing this issue in the UK and overseas,' said Doughty. 'Some of our overseas territories are making progress towards transparent, accessible registers of company ownership, but we have made clear we need to see rapid, consistent progress across the board. 'As an immediate next step, I have asked Baroness Hodge to undertake a fact-finding visit to the British Virgin Islands and report back to me. I will consider further steps carefully in light of the findings.' Hodge, 80, was named the UK's anti-corruption champion in December last year in recognition of her record in combating illicit finance and advocating for transparency in Britain's offshore financial havens in particular. Hodge, who has held six ministerial posts, was the Labour MP for Barking from 1994 until she stood down before the general election last year. David Lammy, the foreign secretary, has vowed to lift the veil of corporate secrecy that allows people to disguise their business dealings in jurisdictions such as the BVIs. Successive governments have been pushing overseas territories, and a separate group of crown dependencies, such as Jersey, Guernsey and the Isle of Man, to introduce fully publicly accessible registers of beneficial ownership (Parbos). At a meeting in London last November, five overseas territories, including the BVIs, promised to introduce legitimate interest access registers of beneficial interests (Liarbos) as a prelude to further steps. A spokesperson for the BVIs' government said: 'We continue to collaborate closely with international partners, including the UK government, working together to uphold high standards and protect our financial system. 'This week's productive talks in London between premier Natalio Wheatley and minister Stephen Doughty reflect our shared commitment to strengthening governance and democracy in the Virgin Islands. We look forward to building on this cooperation in a spirit of mutual respect.' The Guardian has approached Hodge for comment.
