The UK government has delivered a final warning to Russian billionaire Roman Abramovich, demanding the release of £2.5 billion from the 2022 sale of Chelsea Football Club to support humanitarian efforts in Ukraine. Failure to comply within 90 days will result in legal action.
The funds, currently frozen in a UK bank account under Abramovich’s company Fordstam, have been in limbo due to disputes over their allocation. While Abramovich initially pledged the proceeds to aid victims of the war in Ukraine, he later advocated for a broader distribution, including Russian beneficiaries. The UK government insists the money must be used exclusively for Ukrainian humanitarian causes.
Prime Minister Keir Starmer emphasized the government’s stance, stating that a new license has been issued to facilitate the transfer of funds to a foundation dedicated to Ukrainian relief. If Abramovich fails to act within the stipulated timeframe, the government is prepared to initiate court proceedings to enforce the commitment.
The sale of Chelsea FC in May 2022, to a consortium led by Todd Boehly and Clearlake Capital, was conducted under the condition that Abramovich would not benefit financially due to sanctions imposed over his ties to Russian President Vladimir Putin. The proceeds were intended for humanitarian purposes, but disagreements over their use have stalled the process.
This development aligns with broader Western efforts to redirect frozen Russian assets to support Ukraine amid ongoing conflicts. The European Union is also exploring mechanisms to utilize such assets for Ukraine’s reconstruction.
