European entrepreneurs are set to buy British telecommunications group Truphone, owned by Roman Abramovich and his partners, for £1, the Financial Times reports.

“British telecoms group Truphone, owned by Russian oligarch Roman Abramovich and his partners, is being sold for £1 to two European entrepreneurs,” the paper says.

The newspaper notes that the decision to sell Truphone is related to the sanctions imposed on the Russian billionaire by British and European authorities.

The new owners will be German businessman, co-founder of used car company Auto1 Hakan Koc and his business partner, former telecoms executive and private investor Pyrros Koussios.

“They will receive 90% and 10% of the company’s shares respectively,” the publication emphasizes.

The deal is expected to close in June, the publication writes.

Truphone sells contracts to corporate clients, including banks that require access to a secure network and no roaming charges for employees.