Accessibility links

Breaking News

Auditors Say Russian Tycoon's Region Is Bankrupt

21 May 2004 -- Russian auditors say a region governed by billionaire Roman Abramovich is bankrupt and that there is evidence of financial violations in its accounts.

Sergei Ryabukhin, an auditor at Russia's Audit Chamber, said today the Chukotka region in Russia's northeast had run up debts of 9.3 billion rubles ($320 million) as of the beginning of the year.

He said that equals 2 1/2 times the region's budget revenue.

Ryabukhin also said there is evidence of financial and tax violations in the region.

He said Chukotka had given tax breaks of more than $470 million dollars, mainly to companies related to Sibneft, the oil company Abramovich controls.


RFE/RL has been declared an "undesirable organization" by the Russian government.

If you are in Russia or the Russia-controlled parts of Ukraine and hold a Russian passport or are a stateless person residing permanently in Russia or the Russia-controlled parts of Ukraine, please note that you could face fines or imprisonment for sharing, liking, commenting on, or saving our content, or for contacting us.

To find out more, click here.