Exclusive: Leak shows oligarch was a major client of Barclays in Monaco and UBS in Zurich, with at least $940m in assets held at the banks
responded to the changes and whether, since sanctions were imposed on Abramovich, they have allowed the children to financially benefit from assets that until that month were beneficially owned by their father.
Both Barclays and UBS did not answer questions about whether they have allowed Abramovich’s children to benefit from funds held by the trusts once sanctions were imposed against their father. Both banks said they could not comment on whether a person is a client or not.government imposed sanctions on Abramovich on 10 March for allegedly maintaining close relations with Vladimir Putin.
Analysis of financial statements in the leak suggest that in the six months before the reorganisation, companies owned by just three of the trusts held at least $785m with UBS and at least $155m with Barclays. Sanctions experts said the reorganisation of Abramovich’s trusts could complicate attempts to freeze assets which, until the changes were made, were beneficially owned by Abramovich.Photograph: Arnd Wiegmann/Reuters
Providing an update to the beneficial ownership structure of companies held by the Zeus Trust, the trustees at Meritservus said Abramovich’s children were “entitled to 51% of any distributions” from the trust’s funds. For the Europa Trust, they disclosed that Abramovich’s children had replaced him as beneficiaries.
Sanctions lawyers who advise large financial institutions said that in these circumstances a bank would have to determine whether, in reality, Abramovich still exercises any direct or indirect control over the assets.
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