A Russian billionaire is unable to pay rent to the Queen after the UK government froze his assets in response to President Putin's invasion of Ukraine.
- A Russian oligarch has been prevented from paying rent to the Queen after the UK government sanctioned several Russian individuals and entities in response to President Putin's invasion of Ukraine.
- Roman Abramovich is now at risk of losing the £90million mansion he owns on 'Billionaire's Row' in Kensington, London.
- In other royal news, Kate Middleton channels Jackie Kennedy in latest stylish outfit and we're obsessed.
Russian billionaire Roman Abramovich has been prevented from paying the rent on his plush London property—which sits on land owned by the Queen—as the UK government continues to impose sanctions on Russia.
The economic penalties, implemented in response to President Putin's invasion of Ukraine, have been introduced to stop Russian tycoons from making money in the West. As of today (15 March), more than 1,000 individuals and entities from Russia and Belarus have been targeted by the sanctions.
Abramovich purchased 17 Kensington Park Gardens back in 2011 for a cool £90 million, and in 2016, he was granted planning permission to undertake a £28 million refurbishment of the property. The 15-bedroom mansion is surrounded by homes belonging to some of the UK's most affluent people, including Prince William and Kate Middleton's Kensington Palace.
However, because the house is built on land owned by the Crown Estate, the Chelsea FC owner is also required to make ground rent payments starting at £10,000 per year and rising to £160,000 to the Queen. He is currently unable to do so because the UK government has frozen his assets as part of the sanctions.
With the property's lease lasting 125 years, it's very possible that Abramovich—who has reportedly now flown to Moscow—might have to give up the swanky residence altogether.
The Crown Estate has confirmed that they intend to "comply swiftly with the introduction of sanctions" in a statement to the Mail Online, after declaring that they "deplore the attack on Ukraine and the terrible impact the invasion is having on people living there."
Emma is a Lifestyle News Writer for woman&home. Hailing from the lovely city of Dublin, she mainly covers the Royal Family and the entertainment world, as well as the occasional health and wellness feature. Always up for a good conversation, she has a passion for interviewing everyone from A-list celebrities to the local GP - or just about anyone who will chat to her, really.
Emma holds an MA in International Journalism from City, University of London and a BA in English Literature from Trinity College Dublin.
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