Kier Starmer, the Prime Minister of the United Kingdom, announced that the UK government has officially greenlighted the transfer of £2.5 billion to Ukraine. This amount was obtained from the sale of the Chelsea football club by Russian oligarch Roman Abramovich.
Now, Abramovich must consent to the transfer of funds; otherwise, the UK government intends to initiate legal proceedings against him.
In his speech to Parliament on Wednesday, Starmer noted that the proceeds from the sale of Chelsea should be allocated to a special fund to assist Ukraine. The Prime Minister emphasized that Abramovich has a final opportunity to agree to the transfer of funds before legal action begins. “I want to address Abramovich: time is running out, fulfill your obligations and transfer the money now. If this does not happen, we are ready to go to court and do everything possible to ensure that every pound reaches the people whose lives have been shattered by the war unleashed by Putin,” Starmer stated.
According to unofficial reports, the government has given Abramovich 90 days to take the necessary actions.
Abramovich's representatives have not yet commented on the situation.
Previously, the UK allowed Abramovich, who is under sanctions for his ties to Vladimir Putin, to sell Chelsea to American businessman Todd Boehly and investment firm Clearlake Capital. The deal was approved on the condition that £2.5 billion would be directed to charity helping the victims of the war in Ukraine.
After the deal was completed, the money was transferred to a special bank account and frozen until it can be transferred to the fund for assisting Ukraine.
Three years have passed since the sale, and the amount remains in a Barclays account, reportedly due to disagreements over how exactly these funds should be used.
Abramovich, according to reports, wants the money to be directed to help “all victims” of the conflict, including those in Russia. However, the UK government insists that the funds should be used exclusively for humanitarian aid within Ukraine.
In June, government representatives expressed dissatisfaction with the lack of an agreement with Abramovich.
Legally, the funds remain the property of Abramovich and cannot be transferred or used without a license from the Office of Financial Sanctions Implementation, which oversees compliance with the sanctions regime.
Nevertheless, on Wednesday, Starmer stated that the government is ready to issue such a license.
“We are providing a license for the transfer of £2.5 billion obtained from the sale of Chelsea football club, which has been frozen since 2022,” he added.
“It is unacceptable for over £2.5 billion, which should be given to the Ukrainian people, to remain frozen in a bank account in the UK,” emphasized Finance Minister Rachel Reeves. She also noted that any proposal from Abramovich regarding the use of a legal mechanism to create a fund and transfer the funds in accordance with the terms of the license will be considered.
There is an opinion that Abramovich is close to Russian President Vladimir Putin, although he denies these accusations.
Abramovich acquired Chelsea in 2003 for £140 million, and under his leadership, the club achieved the greatest success in its history, winning two Champions League titles, five Premier League titles, five FA Cups, two Europa League titles, and three League Cups. In February 2021, Chelsea won its first Club World Cup, and in August, the UEFA Super Cup.
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