Abramovich sues Israeli bank for blocking over $2m donation to Zaka organisation

It has been a bad month for the businessman. Last week, a European Union court rejected his attempt to lift the sanctions against him, finding that his work with the Russian steel industry justified the penalties.

Worth an estimated $9 billion, according to Forbes, Abramovich got rich after acquiring a stake in a Russian oil company, Sibneft, following the collapse of the Soviet Union, when many formerly state-controlled assets were sold at rock-bottom prices. In 2005, Abramovich offloaded his share of the business for $13 billion.

After the outbreak of the Russia-Ukraine war, Abramovich was pictured at peace talks between the two nations, with reports claiming that he was trying to act as a “middleman.” He agreed to donate the funds from his Chelsea sale to benefit Ukraine, but that money is now being blocked, too.

According to The Wall Street Journal, British authorities want the $3 billion to be used exclusively to help Ukraine, while Abramovich is seeking to use it on other causes, as well. If the money is released, experts fear “Abramovich would use the money to whitewash his reputation,” the outlet reported, or that “the funds could end up in the hands of Kremlin allies or in places that have nothing to do with Ukraine.”

Abramovich sues Israeli bank for blocking over $2m donation to Zaka organisation

(DAILY BEAST)