Barclays and UBS are facing questions about their ties to Roman Abramovich after his secretive offshore trusts were reorganised shortly before Europe and the UK imposed sanctions on the Russian oligarch. However, shortly before Moscow launched its invasion the 10 offshore trusts were rapidly rearranged to transfer beneficial ownership of a significant portion of Abramovich’s vast fortune to his children. A source with direct knowledge of the management of accounts held by the Abramovich trusts at Barclays said the bank acknowledged the changes to the trusts. 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. According to the files, Abramovich was a client of UBS’s global family office unit in Zurich that advises the bank’s wealthiest clients.

Source: The Guardian January 30, 2023 11:09 UTC