Roman Abramovich

Verified Timeline

Lore & Background

Abramovich's path to power began with severe hardship; orphaned at age three, he was raised by an aunt and uncle in Ukhta, where winter temperatures drop to −30°C. Despite sharing a three-room flat with five family members, including cousins Natalya and Ida, he described the childhood as 'not unhappy' because 'as a child you cannot tell the difference.' His entrepreneurial spirit emerged early; at sixteen, he worked as a mechanic before serving in the Soviet Army, where he organized a scheme to siphon petrol from tanks, selling it to officers at half market price for ice cream and pastries. He later attended technical colleges and the Gubkin Institute of Oil and Gas but did not graduate. His business career started with selling plastic ducks and perfumes before moving into oil trading, timber, and pig farms.

In Their Own Story

The acquisition of Sibneft marked Abramovich's entry as a major oligarch. In either 1993 or 1994, he met Boris Berezovsky on a yacht in the Caribbean to discuss combining a refinery with an oil drilling business. Two days before the state decided which companies to sell, Berezovsky ensured Sibneft was added to the list. In August 1995, Abramovich and Berezovsky acquired a controlling interest for approximately $100 million via offshore company Runicom Ltd., well below market value in a rigged auction funded by Russian affiliates. As head of Sibneft, he reduced taxes by hiring disabled workers and establishing companies in Kalmykia and the Chukotka Autonomous Okrug. In 2005, he sold his stake to the Russian government under Vladimir Putin for $13 billion, a transaction that occurred despite allegations of a 'good relationship' with the President.

Reader's Guide

Abramovich's governance extended beyond business into politics; he served as Governor of Chukotka Autonomous Okrug from 2000 to 2008. His wealth fluctuates between sources: Forbes lists him at $9.3 billion (371st richest), while Bloomberg L.P. estimates $8.56 billion (444th richest), making him the fifth-richest person with Israeli citizenship. Following the 2022 Russian invasion of Ukraine, he faced sanctions due to his alleged relations with Putin and now allegedly spends most of his time in Turkey. His assets are held in a web of companies, much of which are based in Jersey. In legal disputes, such as Berezovsky v Abramovich in 2011, Berezovsky sued for over £3 billion, alleging blackmail and breach of contract regarding payments made in May 2001.

Did You Know?

• Abramovich's mother died of sepsis following a botched illegal abortion when he was one year old.
• His father, Aaron Abramovich Leibovich, was crushed to death by a collapsed crane when Roman was three years old.
• As a soldier in the Soviet Army, Abramovich organized drivers to siphon petrol from tanks and sold it to officers for ice cream and pastries.
• He studied at the Moscow Road Construction and Automobile Institute and the Gubkin Institute of Oil and Gas but did not graduate from either.
• In 1969, after losing both parents, he was taken in by his aunt Lyudmila and uncle Leib in Ukhta, near the Arctic Circle.