UK Government pressures Roman Abramovich to donate £2.5bn from Chelsea FC sale to Ukraine
The ex-club owner may face court action.
Roman Abramovich has been urged to hand over £2.5 billion from the proceeds of Chelsea FC's sale, as promised, to help those affected by Russia’s invasion of Ukraine. The funds have been held in a UK bank account since the sale in 2022, when Abramovich was sanctioned due to his connections with Russian President Vladimir Putin.
Chancellor Rachel Reeves, Foreign Secretary Yvette Cooper, and Prime Minister Keir Starmer have declared that the funds must benefit the victims of the war, in line with the agreed terms from three years ago. If Abramovich does not act soon, the Government has stated that it is ready to take him to court to enforce the commitment.
Under the terms of the licence established during the Chelsea sale, the proceeds must be dedicated to humanitarian aid in Ukraine. The Government has confirmed it will consider any proposal from Abramovich to voluntarily release the funds, but he and other sanctioned individuals cannot benefit from them.
Prime Minister Keir Starmer said:
“The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold and transfer the £2.5 billion to a humanitarian cause for Ukraine.
“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.”
Chancellor Rachel Reeves added:
“It’s unacceptable that more than £2.5 billion of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account. 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:
“This money was promised to Ukraine over three years ago. It is time Roman Abramovich does the right thing, but if he won’t we will act.
“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.”
Since the sale of Chelsea FC, Abramovich and his company, Fordstam Ltd, have been engaged in discussions with the UK Government. While no agreement has been reached, the requirement is that the funds are directed to humanitarian efforts in Ukraine. They could also be used more broadly for conflict victims worldwide, as long as Abramovich and other sanctioned individuals benefit in no way.
Should Abramovich fail to act quickly, court proceedings are likely to follow to ensure enforcement of the original agreement from 2022.