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Wednesday, May 25, 2022
HomeLatest NewsPortugal freezes a fifth of Abramovich's Algarve worth 10 million euros

Portugal freezes a fifth of Abramovich’s Algarve worth 10 million euros

Portugal has been holding on hold since March a €10 million property owned by Russian oligarch Roman Abramovich in the southern Algarve that was tried to be sold two weeks before the invasion of Ukraine, Portuguese newspaper Público reported. .

The registry of property located in Quinta do Lago has been frozen since March 25 at the request of the Portuguese Ministry of Foreign Affairs.

The warning was issued after a UK citizen requested a €5 million loan on February 9 to purchase a property owned by US company Millhouse Views LLC.

The operation attracted the attention of Caixa Geral de Depósitos (CGD), which later confirmed the company’s affiliation with Abramovich’s business network and alerted the judicial police.

The oligarch, with ties to Russian President Vladimir Putin, came under sanctions on March 15 from the European Union, which ordered a freeze on his assets and barred citizens and companies from the community bloc from lending him funds.

Since then, the former Chelsea owner has not only been forced to sell the football club, but also witnessed his €300 million-plus superyacht Luna being seized and moored in the port of Hamburg by order of the German government.

Abramovich had to sell Chelsea, and his superyacht worth more than 300 million euros was confiscated for his links to Putin.

Those who fall under the sanctions are also subject to a ban on travel, entry or transit through the EU.

However, Roman Abramovich can enter Portugal because since last year he has citizenship, which he obtained under a law granting a Portuguese passport to descendants of Sephardic Jews.

Granting citizenship to an oligarch is controversial and under investigation due to alleged irregularities with certificates proving this lineage.

Abramovich’s certificate was issued by the Israeli community of Porto, whose Rabbi Daniel Litvak was arrested as part of this investigation.


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