UK demands Abramovich give Chelsea sale cash to Ukraine
Britain has given Russian oligarch Roman Abramovich a final chance to transfer £2.5 billion ($3.33 billion) from the sale of Chelsea Football Club to Ukraine, or face potential legal action.
The UK sanctioned Abramovich after Russia’s 2022 invasion of Ukraine, freezing the proceeds from the rushed Chelsea sale. London wants the funds used exclusively for humanitarian aid in Ukraine, as part of broader European efforts to hold Moscow financially accountable for the war, News.Az reports, citing Reuters.
Abramovich has previously expressed a desire to direct the money to victims on both sides of the conflict. The UK government said it is prepared to take legal steps to enforce a 2022 agreement if he does not release the funds.
Prime Minister Keir Starmer confirmed that Britain would issue a licence allowing the funds to be transferred to a new charitable foundation. EU leaders are also reviewing plans to use frozen Russian assets to support Ukraine’s budget and defence needs.
Chelsea, under Abramovich, had its most successful era before the club was sold to a consortium led by U.S. investor Todd Boehly and Clearlake Capital in May 2022. The sale proceeds remain frozen in a UK bank account pending government approval.
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