The British government has threatened legal action against Russian oligarch Roman Abramovich to ensure that the £2.5 billion (€2.97bn) proceeds from his sale of Chelsea Football Club reach Ukrainian victims of Russia’s all-out war, now in its fourth year.
“The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion,” Chancellor Rachel Reeves and Foreign Secretary David Lammy said in a joint statement on Tuesday.
“We are deeply frustrated that it has not been possible to reach an agreement on this with Mr Abramovich so far,“ they added.
While the British government insists that all the money must go to humanitarian causes in Ukraine, Abramovich has said it should be “for the benefit of all victims of the war in Ukraine”, including people in Russia.
Since Putin’s full-scale invasion of Ukraine, the UK has been one of Kyiv’s closest allies.
The Russian oligarch Roman Abramovich has been threatened by the British government with legal action to make sure that the £2.5 billion (€2.97 billion) proceeds from his sale of Chelsea Football Club reach the Ukrainian victims of Russia’s full-scale war, which is currently in its fourth year.
Chancellor Rachel Reeves and Foreign Secretary David Lammy jointly issued a statement on Tuesday, saying, “The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion.”.
“The fact that we have yet to come to a consensus with Mr. Abramovich on this has greatly frustrated us,” they continued.
“We are ready to take this to court if necessary, but the door for negotiations will remain open to make sure those who are suffering in Ukraine can get these proceeds as soon as possible.”. “”.
The sanctions were imposed after Moscow launched a full-scale invasion of Ukraine in February 2022, and Abramovich has refuted claims that he is a close associate of Russian President Vladimir Putin.
The oil and gas magnate sold Chelsea to a group headed by US investor Todd Boehly and Clearlake Capital in May 2022 after the British government gave him permission to do so, provided that he did not profit personally from the transaction.
Since then, the net proceeds of £2.05 billion have been frozen, but they are still legally Abramovich’s. Without a licence from the UK Office of Financial Sanctions Implementation, they cannot be relocated.
In the midst of an ongoing dispute over the allocation of the proceeds, the UK government has threatened to sue Abramovich three years after he sold the London-based club.
According to Abramovich, the funds should be “for the benefit of all victims of the war in Ukraine,” including those in Russia, even though the British government maintains that all of the funds must support humanitarian efforts in Ukraine.
The UK has been one of Kyiv’s closest allies since Putin’s full-scale invasion of Ukraine. London promised to provide an additional £4 billion (€534 billion) in military assistance in January.
