Roman Abramovich

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Lore & Background

Abramovich's path to wealth began with his involvement in the 'loans for shares' scheme under Boris Yeltsin following the dissolution of the Soviet Union. In 1995, he acquired a controlling stake in Sibneft alongside Boris Berezovsky for approximately $100 million, well below market value. By 2005, he sold this stake to the Russian government under Vladimir Putin for $13 billion. His business empire expanded into aluminum when he consolidated assets with Iskander Makhmudov, Oleg Deripaska, and Lev Chernoi to form Rusal in February 2000. Two transactions in 2004 saw him sell his 50% stake in Rusal to Deripaska for £1.8 billion, briefly making him the richest person in the world under the age of 40.

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's career faced legal scrutiny early on; in June 1992, he was arrested for allegedly stealing 55 tankers of diesel fuel worth 3.8 million rubles from the Ukhta Oil Refinery. The case was dropped after compensation was paid to the refinery. His business dealings were often contentious, notably leading to a 2011 civil suit by Berezovsky who accused Abramovich of blackmail and breach of contract over a disputed $1.3 billion payment made in May 2001. Following his rise as an oligarch with close ties to Vladimir Putin, the 2022 Russian invasion of Ukraine led to sanctions against him. Consequently, he is now considered a former owner of Chelsea, with reports indicating he spends most of his time in Turkey and holds assets within a web of companies based largely in Jersey.

Did You Know?

• Abramovich was orphaned at age three after his father died in a crane accident.
• He once siphoned petrol from military tanks to sell for extra income while serving in the army.
• His maternal grandfather was deported to an NKVD camp in Siberia where he died in 1942.
• In 1992, he was arrested for stealing diesel fuel but was never prosecuted.
• He sold his stake in Rusal in 2004 for £1.8 billion, becoming the world's richest person under 40.