Yahoo Finance US hedge funds told to freeze assets of Russian oligarch Roman Abramovich after he was sanctioned by the UK, WSJ report says
US hedge funds were told to freeze the assets of Russian oligarch Roman Abramovich, WSJ reported Friday.
Abramovich, who owns Chelsea FC, was sanctioned Thursday by the UK government.
Abramovich was banned from making transactions with UK citizens and businesses.
Major hedge funds in the US were told to freeze the assets of Russian oligarch Roman Abramovich, The Wall Street Journal reported Friday.
Abramovich, the billionaire owner of Chelsea FC, was sanctioned by the UK government on Thursday in response to the Russian invasion of Ukraine. His assets were frozen, he was barred from making transactions with UK citizens and businesses, and banned from entering the country.
According to a message obtained by The Journal, hedge-fund administrator SS&C Globe Op told one firm: "Currently accounts attributed to Roman Abramovich are blocked from transacting, as such any distributions, redemptions or payment cannot be made and no subscriptions or contributions can be accepted."
Sources told The Journal similar messages were sent to other hedge funds. Some of the funds Abramovich is invested in include Empyrean Capital Partners, Millstreet Capital Management, Millennium Management and Sculptor Capital Management, the outlet reported.
People familiar with the situation told The Journal Abramovich was trying to sell the funds late last month, efforts that would be blocked by the guidance to freeze his transactions.
The UK sanctions on Thursday also blocked Abramovich's attempts to quickly sell his $3 billion soccer club in an effort to avoid financial sanctions. The sanctions also disrupted the daily operations of Chelsea by blocking the sale of new tickets to matches and club merchandise, among others restrictions.
Abramovich, who is worth more than $11 billion and has stakes in steel giant Evraz and Norilsk Nickel, was sanctioned alongside six other Russian oligarchs who are closely linked to the Kremlin.
Read the original article on Business Insider
