Recent reports based on leaked documents have unveiled that Roman Abramovich, a prominent Russian billionaire, managed to evade taxes on $6 billion in offshore profits via a British Virgin Islands-registered company. Despite being sanctioned in the U.K. and EU, Abramovich's investments, primarily in hedge funds, bolstered his extensive business empire, including the sale of Chelsea F.C. Moreover, his controversial rise in the oil sector, underscored by rampant corruption allegations, reflects a significant shift in Russia's economic landscape from communism to a kleptocratic reality during the 1990s and beyond.
The analysis of leaked documents revealed that Roman Abramovich's companies evaded taxes on $6 billion from offshore investments, despite management being based in the U.K.
From the late 1990s until 2022, Abramovich invested heavily in hedge funds, funding his business empire, including Chelsea F.C., which he sold under pressure in 2022.
Abramovich's rise from Russia's oil sector to oligarch status highlights the country's transformation from communism to a system entrenched in kleptocracy.
The 2005 reacquisition of Sibneft for $13 billion, following an alleged rigged auction, showcases Abramovich's controversial business dealings, which he continues to deny were corrupt.
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