Prime Minister Keir Starmer has vowed to take Roman Abramovich to court unless he hands over the £2.5bn proceeds from his sale of Chelsea FC to humanitarian causes in Ukraine.
The huge windfall has been frozen in a UK bank account since May 2022, when the sanctioned Russian oligarch sold Chelsea to a US consortium led by Todd Boehly and Clearlake Capital.
The Government has today issued a licence for the release of the funds and invited Abramovich to make a proposal for how the money will be spent in a bid to break the deadlock.
“The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold and transfer the £2.5bn to a humanitarian cause for Ukraine,” said Starmer.
“This Government is prepared to enforce it through the courts so that every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
The stand-off is believed to stem from disagreement over how the funds should be spent, with the UK insisting it must only go to Ukraine and not victims of the war elsewhere, such as Russia.
“The Government will consider any proposal from Abramovich to voluntarily donate the multi-billion pounds of funds to the most vulnerable in Ukraine,” it said.
“Under the terms of the licence, proceeds must go to humanitarian causes in the country. Any future gains earned by the foundation can be spent more broadly on victims of conflict worldwide. In neither case can the funds benefit Abramovich or other sanctioned individuals.”
Reeves: It’s time for Abramovich to pay up
Chancellor Rachel Reeves called it “unacceptable that more than £2.5bn of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account”.
She added: “It’s time for Roman Abramovich to pay up. If he doesn’t act then we are prepared to do what is necessary to make sure that money gets to the Ukrainian people.”
Foreign Secretary Yvette Cooper said it was “time Roman Abramovich does the right thing, but if he won’t we will act”.
She added: “That’s why the licence has been issued. It is time this money was used to rebuild the lives of people who’ve seen devastation as a result of Putin’s illegal war.”
