Abramovich dodged millions in tax with superyachts-for-hire scheme

Roman Abramovich dodged millions in tax with superyachts-for-hire scheme to mislead tax authorities.

The scheme falsely presented the Russian oligarch's fleet of yachts as a commercial leasing operation, to dodge millions of euros in VAT on their purchase and running costs.

Abramovich was sanctioned by the UK in March 2022 over his connection to Vladimir Putin's regime.

Tax expert Rita de la Feria : "All the parties know exactly what to do in order to hide the reality" Blue Ocean's accounts show that from 2005 to 2012 , its expenses almost matched its income.

This meant almost no corporation tax was due as the company's profits were tiny.

There is also evidence in the leaked files that charter agreements were backdated.

Lawyers representing Mr Abramovich deny "any allegation that he had any knowledge" or was "personally responsible".

Cyprus pursued Blue Ocean for the lower figure of 14 m ( 11.8 m) The company failed to attend its own appeal in March 2024 and was dissolved four months later .

Cyprus Confidential is an international investigation into Cyprus firms which provided corporate and financial services to associates of Vladimir Putin's regime.