Should Putin respond to the sanctions by reducing its volume of supply, or even suspending it, the knock on effect this could have on the travel and hospitality industries could be huge. Whilst the UK relies on Russia for around five per cent of its gas supply, the European Union imports around 40 per cent of its natural gas from Russia. When the energy price cap is next adjusted in October this year, the wholesale price of energy has been estimated to top £3000 annually for households in England, Wales and Scotland. Russia is one of the largest international providers of gas, and western sanctions could lead to a constriction of supply which would further hike prices. Over in the USA, inflation is at a 40-year high, with further rises now expected following Russia’s invasion of Ukraine. Media sources have recently reported that inflation in the country has reached a 30-year high of 5.5 per cent. In the UK, the cost of living has soared. The impact on energy prices and operating costs Further stress will be placed on global supply chains and raw materials, and inflation will impact construction costs, labour, utilities and more. The disruption arising from the Russia-Ukraine conflict is varied. A growing list of companies offering support to victims of the humanitarian crisis can be found here – a testament to the industry’s resilience and tenacity. Travel and hospitality businesses, despite recovering from the harsh blows of the pandemic, were quick to respond. The devastating upheaval of lives and resulting measures imposed on Russia has sent the global economy reeling. Russia’s invasion of Ukraine has sent shockwaves throughout the world. Bloomberg reported that he is seeking a bid of 3 billion pounds ($4 billion).Ībramovich is understood to have turned down a £2.5 billion ($3.3 billion) offer in late February or early March, per SkyNews.Ībramovich was among seven Russian oligarchs who were sanctioned by the UK on March 10.ĭespite the billionaire rushing to offload some of his assets - including Chelsea Football Club - the sanctions now bar him from making deals to sell the club, banning all transactions between Abramovich and UK citizens and businesses.Russia / Ukraine: IHM’s Eloise Hanson and Paul Stevens analyse the effects of the war in Ukraine and what they could mean for the travel and hospitality industries. He also said all the net proceeds from the sale would go to those affected by the war in Ukraine. "This has never been about business nor money for me, but pure passion for the game and Club," Abramovich said. In a statement in March, Abramovich announced that he would be selling the club. Abramovich is "a keen follower of sport and international football," a statement said at the time. In the aftermath of Russia's unprovoked invasion of Ukraine, Russian opposition leader Alexei Navalny's organization named Abramovich one of 35 Russian individuals who should be considered for sanctions, The Guardian reported.Ībramovich bought London-based Chelsea FC in 2003 from long-time chairman Ken Bates for $233 million. Katie Warren contributed to an earlier version of this article.Ībramovich celebrates his team's win after the Premier League match between Chelsea and Sunderland on in London. He also offloaded his aluminum assets for more than $2 billion.Ībramovich did not respond to Insider's request for comment for this story. In 2005, he sold his 70% stake in Russian oil company Sibneft for almost $10 billion. In 2003, he sold a 26% stake of Russian airline company Aeroflot to the National Reserve Bank. He owned stakes in industries like airlines, oil, and aluminum. Most of Abramovich's vast fortune comes from proceeds from selling Russian state-owned assets after the fall of the Soviet Union. He also owns stakes in the world's largest producer of refined nickel, according to Bloomberg. The billionaire is the largest shareholder of Evraz, one of the world's top producers of steel. The Wall Street Journal once nicknamed his global collection of extravagant possessions " The Roman Empire." His net worth peaked in 2008 at $23.5 billion.Īmbramovich, 55, is known for his collection of superyachts, luxury cars, private planes, and homes around the world. Account icon An icon in the shape of a person's head and shoulders.
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