Russian Billionaire Abramovich’s Telecom Company Worth $500 Million Is Being Sold for $1

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Abramovich was forced to sell the British soccer team Chelsea FC after western sanctions showered him with problems amid Russia’s invasion of Ukraine. The $5.3 billion deal was finalized last month to a group led by LA Dodgers co-owner Todd Boehly and the investment firm Clearlake.

Before sanctions, Abramovich was one of the richest men in Russia. The billionaire was worth an estimated $14 billion, but his wealth has nearly halved due to western sanctions.