Alexander Abramov and Alexander Frolov, who the British government said were “known business associates” of the former Chelsea FC owner, were on Wednesday among four new Russian steel and petrochemical tycoons added to the sanctions list. It comes six months after the Guardian revealed the extent of Abramov and Frolov’s wealth, including offshore investments in a Caribbean island resort, plans to redevelop a Marylebone church and a vast array of properties in the UK and abroad. The pair previously held large stakes in Russian steel and coal coking company Evraz, which was part-owned by Abramovich and hit with sanctions in May. Abramovich was one of the first oligarchs to be sanctioned. The Foreign Office is also said to have investigated financial links between the couple and another oligarch, Eugene Shvidler, whose fortune is estimated at $1.6 billion by Forbes. Swindler, who was sanctioned in March, is another close associate of Abramovich and chaired the British firm Millhouse Capital that managed Abramovich’s assets. James Cleverley, the foreign secretary, said: “Putin continues to rely on his team of handpicked elites to maintain control of his industrial complex and fuel his illegal invasion of Ukraine. Today we are sanctioning four more oligarchs who rely on Putin for their positions of power and in turn fund his military machine. “By targeting these individuals, we are increasing economic pressure on Putin and will continue to do so until Ukraine prevails.” Abramov, who the government said was worth £4.1bn, is a steel baron who founded Evraz and oversaw its listing on the London Stock Exchange in 2005 and was awarded Russia’s Order of Merit in 2017. Pictured with Vladimir Putin and Russian Defense Minister Sergei Shoigu at the award ceremony. Froloff, who the government says is worth £1.7bn, is a former director and ex-chief executive of Evraz. The couple are said to have around £100m worth of UK property investments, according to documents seen by the Guardian in April. Both men were also named to the “Putin List” of 210 prominent Russians released by the US Treasury Department in 2018. The Guardian has previously reported that their investments included: Subscribe to Business Today Get ready for the business day – we’ll point you to all the business news and analysis you need every morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply.
West Caicos, a Caribbean island intended to be developed as a luxury resort island. Redevelopment of St Paul’s Church, Robert Adam Street, London, to include office space was proposed but rejected. Shepherd’s Bush market in London, through an investment in the company with the aim of acquiring a majority stake. Office space in London, Leicester and Glasgow. A golf course community in Prague with homes, hotel and spa. Land and a partially built hotel in Mykonos, together with an operating partner. An office in Clifford Street, one of London’s most famous Mayfair addresses.
Both men were also included on the “Putin List” of 210 prominent Russians released by the US Treasury Department in 2018. Abramov, Frolov and Evraz did not respond to earlier requests for comment. Also added to the sanctions list were Airat Shaimiev, CEO of Russian transport and construction company OAO Tatavtodor, who is estimated by the government to have a global net worth of £900 million, and Albert Shigabutdinov, the boss of AO TAIF Group. which owns around 96% of chemical and petrochemical processing in Russia’s Tatarstan region and has an estimated net worth of £977m. All four will face a travel ban, asset freeze and transportation penalties.
