Roman Abramovich’s Truphone Stake is not affected by UK Government sanctions

Not all companies that are owned by Roman Abramovich face sanctions, one of those companies is Truphone

Truphone is a communications technology company that develops eSIM and other technology to enable global voice and data connectivity that bypasses traditional networks. Abramovich has shares and he invested a lot of millions in the company. 

According to TechCrunch, the company has disclosed raising over $200 million from two funds that each count Abramovich as their main financial contributor and effectively counts those two funds as its majority owners — said that the sanctions currently do not impact its business, nor its shareholdings, because his link to the company is “indirect.” 

In a statement Rachel Chapman, general counsel for Truphone Limited said, “We are aware that sanctions were imposed on 10 March by the UK Government on Roman Abramovich, who has an indirect link to Truphone.” 

“However, Mr Abramovich does not have a relevant ‘interest’ for the purpose of UK sanctions legislation in Truphone. This means the Truphone business can continue to operate as usual. It should be emphasized that Truphone is not subject to any sanctions. We are taking legal advice and constantly monitoring the situation,” adds Chapman. 

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