Prime Minister Keir Starmer has issued a stark ultimatum to sanctioned Russian oligarch Roman Abramovich, threatening to take him to court unless he hands over the £2.5 billion proceeds from the sale of Chelsea Football Club for humanitarian relief in Ukraine.
The Frozen Windfall and Government Ultimatum
The colossal sum has been held in a UK bank account since May 2022, following Abramovich's forced sale of the Premier League club to a US consortium led by Todd Boehly and Clearlake Capital. In a bid to break the lengthy deadlock, the Government has now issued a licence for the release of the funds and has invited Abramovich to propose how the money should be spent.
"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," stated Prime Minister Starmer. He emphasised the government's resolve, adding, "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."
Sticking Point: Where Can the Money Be Spent?
The ongoing stand-off is understood to originate from a fundamental disagreement over the destination of the aid. The UK government insists the £2.5 billion principal must be used exclusively within Ukraine itself, and not for victims of the conflict in other countries, such as Russia.
A government statement clarified the terms: "The Government will consider any proposal from Abramovich to voluntarily donate the multi-billion pounds of funds to the most vulnerable in Ukraine. Under the terms of the licence, proceeds must go to humanitarian causes in the country." It did, however, note that any future investment gains generated by the foundation administering the funds could be spent more broadly on global conflict victims.
The statement firmly ruled out any benefit to Abramovich or other sanctioned individuals.
Senior Ministers Echo Demands for Action
Chancellor Rachel Reeves labelled the situation "unacceptable," stressing that the money owed to the Ukrainian people should not remain frozen. "It’s time for Roman Abramovich to pay up," she declared. "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 delivered a similar message, stating, "It’s time Roman Abramovich does the right thing, but if he won’t we will act." She explained the issuance of the licence was a direct move to facilitate the process, concluding, "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."
The ball is now firmly in Roman Abramovich's court, with the UK government poised to initiate legal proceedings if a satisfactory voluntary agreement for the £2.5 billion cannot be reached.
