following Russia’s invasion of Ukraine in February. The US has not sanctioned Abramovich but has recently stepped up its hunt for his assets.
“He has denied it, but because his holdings, including land and forestry concessions, were also or mainly in Russia, it makes sense that he would be a partner,” Henry added. “Russia’s economy is deeply political and the Kremlin controls everything of importance.” The RCIF has declared in public documents that it is 45% owned by the Russia Direct Investment Fund , Russia’s sovereign wealth fund, with another 40% being owned by the Chinese government, and 15% by a Chinese investment management company, Citic Capital. However, a 2013 confidential agreement obtained by OCCRP indicates that RDIF controlled 60% of RCIF at that time.
Still, the fund’s corporate structure has allowed it to avoid being sanctioned by the US, EU, and UK, which all require that more than half of a company be owned by Russia to qualify. One letter from Meritservus confirms that Abramovich is the ultimate beneficial owner of Protonius while detailing the complex corporate structure that obscured his connection to the firm.
Imagine individual UK and USA businessmen were banned and sanctioned when USA invaded Iraq and Libya.
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