Cyprus Opens Financial Inquiry Into Roman Abramovich’s Affairs

What changed

Cyprus police have opened a Financial Intelligence Unit investigation into Roman Abramovich’s financial affairs. Announced in Nicosia on October 23, the inquiry will examine whether fraud, criminal acts or manipulated documents were involved and is expected to last several months.

The investigation follows reporting that Deloitte Cyprus helped Abramovich’s companies make $672m in assets, including superyachts, mansions and private jets, disappear from their 2006 accounts.

Why it matters

This turns a story about old financial records into a live criminal inquiry. Investigators can now examine the companies, advisers and documents connected to offshore structures administered from Cyprus between 1995 and 2022.

The key question is not simply where the money went. It is whether documents were falsified to conceal wealth or evade tax, and who authorised or benefited from that work. Abramovich’s lawyers deny that he evaded tax or concealed his fortune. Deloitte Cyprus says it acted within applicable laws and cannot comment on documents more than 20 years old.

The inquiry’s outcome remains uncertain: it may produce charges, penalties or recoveries, but none is established yet. A related case will add pressure to the same financial network next month, when two former company directors are due to stand trial over €25m in unpaid VAT.