Roman Abramovich

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Lore & Background

Abramovich was Governor of Chukotka Autonomous Okrug from 2000 to 2008. He enriched himself in the loans for shares scheme by Boris Yeltsin following the dissolution of the Soviet Union, acquiring a stake in Sibneft in partnership with Boris Berezovsky for approximately $100 million in 1995, well below market value. In 2005, he sold the stake to the Russian government under Vladimir Putin for $13 billion. Like all Russian oligarchs, Abramovich is considered to have a good relationship with Putin. As a result of these alleged relations, he has been subject to sanctions following the 2022 Russian invasion of Ukraine. Abramovich allegedly now spends most of his time in Turkey. Abramovich's assets are held in a web of companies; much of his assets are based in Jersey.

In Their Own Story

Born in Saratov on 24 October 1966, Abramovich's early life was marked by tragedy and resilience. His mother died of sepsis when he was one, and his father was crushed to death by a collapsing crane when Roman was three. Raised by his aunt Lyudmila and uncle Leib in Ukhta, near the Arctic Circle where temperatures drop to -30°C, he lived in a cramped three-room flat with five people sharing the space. At age sixteen, he left school to work as a mechanic and serve in the Soviet Army's artillery unit in Kirzhach. There, he earned extra money by persuading drivers to siphon petrol from tanks, selling it at half market price while officers bought the fuel. He later attended the Gubkin Institute of Oil and Gas and enrolled in a correspondence course at Moscow State Law Academy in 2000.

Reader's Guide

Abramovich was born in Saratov, then part of the Russian Soviet Federative Socialist Republic. Both parents died when he was young. He was raised by his maternal aunt and uncle in Ukhta, Komi Republic. He left school at sixteen, worked as a mechanic, served in the Soviet Army, and studied at technical college and the Moscow Road Construction and Automobile Institute without graduating. He later attended the Gubkin Institute of Oil and Gas and enrolled in a one-year correspondence course at Moscow State Law Academy. His early business career included selling plastic ducks, perfumes, and deodorants, and he started and liquidated at least 20 companies. In June 1992, he was arrested on charges of theft of government property but was not ultimately prosecuted. He acquired a controlling interest in Sibneft via a rigged auction and later sold his stake in Rusal to Oleg Deripaska for £1.8 billion.

Did You Know?

• Abramovich's mother died of sepsis following a botched illegal abortion when he was one year old.
• His father was crushed to death when a crane collapsed on him when Roman was three years old.
• Both parents were of Jewish descent; his maternal grandparents were Ukrainian Jews, his paternal grandparents were Belarusian Jews.
• He is the 371st richest person in the world with a net worth of $9.3 billion according to Forbes and the 444th richest with a net worth of $8.56 billion according to Bloomberg L.P.
• He is the fifth-richest person with Israeli citizenship.