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The Prime Minister has issued a firm demand for Roman Abramovich, the Russian oligarch and former Chelsea Football Club owner, to release funds promised to support victims of the Ukraine war or face possible legal proceedings. Abramovich had committed in 2022 to allocating the £2.5 billion earned from selling Chelsea to aid those impacted by Russia’s invasion of Ukraine. However, the money remains frozen in a UK bank account as disagreements persist over how the funds should be distributed.
The government insists that the £2.5 billion should be used exclusively for humanitarian assistance in Ukraine. Abramovich, meanwhile, has argued that the money ought to benefit “all victims of the war,” which would include Russians as well. Although Abramovich is unable to access the funds under UK sanctions, the proceeds from the Chelsea sale are still legally considered his property. A government spokesperson warned that if Abramovich does not act promptly, the government is prepared to initiate court action to enforce the release of the funds.
Sir Keir Starmer, speaking in the House of Commons, highlighted that the UK government issued a license allowing the transfer of the frozen funds. He stated directly to Abramovich, “the clock is ticking,” urging him to honour his commitment and pay the money without further delay. He emphasized that if Abramovich fails to comply, the government is ready to pursue legal channels to ensure the money reaches the victims of Putin’s invasion. The Treasury clarified that the license strictly requires the money to be used for humanitarian purposes in Ukraine and prohibits any benefits to Abramovich or other sanctioned individuals.
The Chancellor, Rachel Reeves, described the situation as unacceptable, criticizing that over £2.5 billion owed to the Ukrainian people remains immobilized in a UK bank account. Abramovich, who amassed his wealth primarily in the oil and gas sector, was granted a special license to sell Chelsea with the condition that he would not profit from the sale. Despite allegations of close ties to Russian President Vladimir Putin, Abramovich has denied such connections. He reportedly has 90 days to respond before the UK moves forward with legal measures. Meanwhile, EU leaders are set to discuss plans to redirect assets frozen from Russians to assist Ukraine’s budget and defense needs—an initiative met with strong opposition from Russia
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