I grew up in West London. I have been supporting Chelsea FC since I can remember. Last summer, like a little schoolboy, I took a tour of the club. Should I be pleased that Roman Abramovich, owner of the team and who has pumped hundreds of millions to secure success, has come to live in Israel?

It has been a rough few weeks for the Russian billionaire. Chelsea’s results have not met his expectations this season. He was refused a work visa to enter England (and thus missed Chelsea’s one triumph), probably on the back of the recent spying scandal. Plans to develop a new £500m stadium have been shelved. Rumours abound over key players to be released, as well as the possibility of him selling his properties in the UK.

Out of the blue, Abramovich announced that he is coming to live in Israel, a move which would earn him the title of the wealthiest person in the country. Under Israel’s updated “law of return” for Jews, he would be entitled to a healthy range of tax breaks for ten years.

In the framework of what is referred to as the Milchan Law, Abramovich gets a 10-year exemption from tax and from reporting to the tax authorities in Israel on income and property originating overseas.

Abramovich already has several investments in Israel. For example, in 2015, he acquired the Varsano boutique hotel in Tel Aviv for NIS 100 million, which he is converting into his Israeli home. A year previously, he invested US$10 million in StoreDot, which develops fast batteries for cars and smart phones. He has also invested US$0.5 million in an Israeli-Russian medical consultation group.

But why the publicity over the announcement? Abramovich is man who represents the typical oligarch, who made his fortune as Russia emerged out of the mess of the USSR. His path to success was solidified by massaging good relations with the Kremlin. As one Israeli journalist wrote today, he surely has the blessing of Putin to live in Israel.

And if Putin is involved, the mind starts to wander. To be blunt, people in Israel view Putin as ex-KGB, who rules Russia like a benevolent dictator. Who around him has not become mega-rich over the past couple of decades?

You have to assume that all this will have an impact on Israel’s relations with Russia. How? We can but speculate. The Israeli Prime Minister is another politician who has let himself be surrounded by those who have attained financial success. I wonder what the American State Department is thinking.