British Prime Minister Keir Starmer has said that Russian oligarch Roman Abramovich must immediately release funds from the sale of Chelsea football club to help victims of the war in Ukraine, or face legal action.
Abramovich, the former owner of Chelsea Football Club, pledged in 2022 that the £2.5 billion he made from selling the club would be used to help victims of Russia's invasion of Ukraine. However, the funds remain frozen in a UK bank account due to disputes over how they should be used.
The British government wants the money to be used exclusively for humanitarian aid in Ukraine, while Abramovich has insisted it will benefit “all victims of the war,” including Russians. Under British sanctions, the oligarch has no access to the funds, but they remain legally in his possession.
Speaking in Parliament, Starmer said the UK had issued a licence to transfer £2.5bn and sent a direct warning to Abramovich: deliver on the commitment or the government would take the matter to court to ensure every penny goes to the victims of the war launched by Russia.
Foreign Secretary Yvette Cooper also said Abramovich should honour his pledge and avoid a legal battle, but confirmed the government was prepared to take legal action if the funds were not released. Representatives for Abramovich have declined to comment.
The British Treasury clarified that under the terms of the license, the funds must be used only for humanitarian purposes in Ukraine and cannot benefit either Abramovich or any other individual under sanctions.
Abramovich, a Russian billionaire who made his fortune in oil and gas, was allowed to sell Chelsea after the war in Ukraine broke out on condition that he did not personally profit from the transaction. He is accused of close ties to Russian President Vladimir Putin, a charge he has denied.
According to sources, Abramovich has 90 days to act before the UK starts legal proceedings. Meanwhile, European Union leaders are expected to consider proposals to use frozen Russian assets to support Ukraine's budgetary and defense needs.
