German authorities investigating assets of sanctioned Russian billionaire Roman Abramovich, Spiegel reports
Russian billionaire Roman Abramovich is under investigation for undeclared assets in Germany, Spiegel reported on Feb. 8, citing the Frankfurt am Main Public Prosecutor's Office.
Abramovich is widely known as the former owner of the Chelsea soccer club. The allegedly up to $1.2 billion in unpaid taxes in the U.K., a media investigation has found.
The has imposed sanctions on Abramovich, requiring the billionaire to declare his assets. If found guilty, Abramovich could face hefty fines or up to a year in prison for failing to report his assets.
Luxury cars including two Bugatti Chirons, a Lamborghini Reventon, and a Mercedes CLK GTR have been frozen while authorities in Germany investigate, Spiegel .
Several pieces of artwork have been confiscated from a villa in Bavaria that persecutors allege belong to Abramovich.
The billionaire's lawyers maintain Abramovich is not the owner of the villa or the frozen luxury cars.
When reached for comment by Spiegel, the Frankfurt am Main Public Prosecutor's Office confirmed it was investigating a "58-year-old businessman from the Russian Federation" under the country's Foreign Trade Act, although did not confirm directly that it was Abramovich.
Abramovich was sanctioned by the EU and the U.K. following Russia's full-scale invasion of Ukraine in 2022. The billionaire unsuccessfully for the sanctions to be removed in 2023.
Abramovich was forced to sell the Chelsea soccer club he once owned due to sanctions. U.K. lawmakers have called for assets from the sale to be on Ukraine aid.
Read also: Russian oligarch Abramovich underpays $1.2 billion to UK in taxes, media investigation says
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