Roman Abramovich has shares in Russian firm whose steel helps build tanks

Roman Abramovich has a big shareholding in the Russian steelmaking firm whose materials are used to make the tanks which are invading Ukraine.

Analysts claim that the Chelsea owner transferred his shares in Evraz, the Russian steelmaking giant, directly to himself from an offshore company on February 16, eight days before Vladimir Putin ordered the Ukraine invasion.

Grzegorz Kuczynski, director of the Eurasia Program at the Warsaw Institute, told Sportsmail that the reported transfer of the 28.64 per cent shareholding, from Virgin Islands-registered Greenleas International Holdings Ltd, could make it less vulnerable to the sanctions which have followed the invasion. He added that it could also make the shareholding easier to sell. The value of the shares has plummeted since Putin’s forces attacked Ukraine.

Kuczynski said: ‘There was a risk that this offshore company would become a subject of sanctions. Evraz steel is used to build tanks, among other things. The company is important for the Russian arms industry, in this sense. It is important for Russia’s war plans, including with regard to Ukraine.’

The Warsaw Institute, an international relations think tank specialising in Eastern Europe, is uncertain whether Abramovich also owns shares in the Russian oil giant Rosneft, having invested nearly £225million in shares when it floated in 2006.

Russian tanks – pictured in Belarus last month – have been used by president Vladimir Putin in his full-scale military invasion of Ukraine

Rosneft is one of Russia’s largest producers of crude oil and another major supplier of its military. The Rosneft website, which includes company details, was not accessible from the UK on Tuesday.

It is understood that Abramovich has used Jewish connections in Ukraine to attempt to broker peace talks between Russia and the country it has invaded. 

Abramovich has substantial business interests in Ukraine, with an Evraz plant in the Donbas region since 2010. He can ill-afford a prolonged war and sanctions designed to strangle Russia’s economy, because he has so much invested in it.

But the view in Kyiv on Tuesday was that his pursuit of talks was futile. Russia is demanding international recognition of Crimea, the retention of lands it has occupied in this invasion and the replacement of the Ukrainian government.

None of these demands is acceptable to Ukraine, which in turn wants Russian troops out of its country and an exchange of prisoners of war and dead troops. But Russia does not recognise there are POWs and dead troops to swap.

Analysts have told Sportsmail that the transfer of the shares could make it less vulnerable to the sanctions which have followed Putin’s invasion of Ukraine

Abramovich has substantial business interests in Ukraine and can ill-afford a prolonged war

Abramovich announced on Saturday that ‘stewardship and care’ of Chelsea was being given to trustees of the club’s charitable foundation.

But Sportsmail understands that the six trustees will insist on a rock-solid insurance policy before agreeing to the plan, with some extremely apprehensive.

One of the main conditions trustees would insist on is indemnity against any financial ramifications the club may suffer while they are in charge.

Chelsea are aware of the problems they may face in convincing trustees and are thought to be exploring other options, including setting up a holding company to take on stewardship responsibilities instead. 

Abramovich’s spokesperson did not respond to Sportsmail’s request for comment on Tuesday night.