collateral damage
   Date :05-Mar-2022

EVEN as Russian businesses, banks and leaders face stringent sanctions from entities and Government across the globe for the country’s invasion into Ukraine, Mr. Vladimir Putin’s decision has already scored a self-goal in England. Russian billionaire Mr. Roman Abramovic, reportedly a close confidant of Mr. Putin, has put up his premier league club Chelsea for sale. The move has been prompted under the pressure of the United Kingdom’s decision to impose sanctions of Mr. Abramovic as a retort of Russia’s military action in Ukraine. The possible sanctions on Mr. Abramovic would throw Chelsea out of business as the club’s debt to its Russian owner is over 1.5 billion pounds. Chelsea FC had a debt of $23 million prior to Abramovich buying a 50 per cent stake in the club for 30 million pounds in June 2003. He later managed a complete takeover of the club for reportedly 140 million pounds. Now that the West vs Russia fight is going to get bigger and spread into all sectors including finance, Mr. Abramovic has no other option than to bow out of the business in what could be called as a collateral damage. The war brings many costs other than human lives!