Leaked documents from Cyprus have revealed a secret $40m (£26m) deal in 2010 linking sanctioned oligarch Roman Abramovich to two men described as 'wallets' of President Vladimir Putin. The former Chelsea FC owner, who has been sanctioned by the UK and EU, previously denied any financial relationship with the Russian leader.
The deal involved the transfer of shares in Video International, a profitable Russian advertising company, from trusts connected to Abramovich to Sergei Roldugin and Alexander Plekhov, both close associates of Putin. Roldugin, a cellist and artistic director of the St Petersburg Music House, has known Putin since their youth and is godfather to his eldest daughter. Plekhov is a biochemist-turned-businessman also from St Petersburg.
Both men have been accused of acting as 'straw men' for Putin, secretly holding assets on his behalf. Swiss prosecutors earlier this year alleged they were not the true owners of bank accounts linked to the deal. Roldugin has been sanctioned by the UK, EU and US, which described him as a 'custodian of President Putin's offshore wealth'. Plekhov is sanctioned by the UK.
The revelations come from Cyprus Confidential, a global investigation by the ICIJ, Paper Trail Media, BBC Newsnight, BBC Verify, Panorama and the Bureau of Investigative Journalism. The probe examined 3.6 million corporate records from Cyprus-based service providers, including MeritServus, which was sanctioned by the UK earlier this year for breaching sanctions on behalf of a Russian client.
Abramovich, whose wealth exceeds $9bn (£7.3bn), has not commented on the latest findings. He has consistently denied a close financial relationship with Putin, and in 2021 settled a libel case against journalist Catherine Belton over claims he bought Chelsea FC at Putin's behest. The UK and EU imposed sanctions on Abramovich in March 2022 following Russia's invasion of Ukraine.
