US hedge funds told to freeze assets of Russian oligarch Roman Abramovich after he was sanctioned by the UK, WSJ report says

The Wall Street Journal reported Friday that major hedge funds in the US were told to freeze the assets of a Russian billionaire.

The UK government imposed sanctions on Roman Abramovich, the billionaire owner of the football team, in response to the Russian invasion of Ukraine. He was banned from entering the country and his assets were frozen.

According to a message obtained by The Journal, hedge-fund administrator SS&C Globe Op told one firm that Roman Abramovich's accounts are blocked from being transacted, as such any distributions, redemptions or payment cannot be made and no subscriptions or contributions can be accepted.

The Journal was told that similar messages were sent to other hedge funds. The funds that are invested in by Abramovich include Empyrean Capital Partners, Millstreet Capital Management, Millennium Management and Sculptor Capital Management.

According to people familiar with the situation, Abramovich tried to sell the funds late last month, but his attempts were blocked by the guidance to freeze his transactions.

The UK sanctions blocked the sale of his soccer club in order to avoid financial sanctions. The sanctions disrupted the daily operations of the club by blocking the sale of new tickets to matches and club merchandise.

The Russian billionaire, who is worth more than $11 billion, was one of six Russian tycoons who were blacklisted by the US.