The UK government is "fully prepared" to sue Roman Abramovich over the frozen £2.5 billion proceeds from the sale of Chelsea.
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UK threaten to take Abramovich to courtChelsea sale funds still frozenSanctions remain in place for AbramovichFollow GOAL on WhatsApp! 🟢📱WHAT HAPPENED?
Abramovich, who had served as Chelsea owner for nearly two decades, decided to part ways with the club in 2022 after Russia launched a full-scale invasion of Ukraine. As war broke out, Abramovich announced he would sell Chelsea and donate the proceeds to a charitable foundation aimed at assisting victims of the conflict, regardless of their nationality.
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However, within weeks of his statement, the UK imposed sanctions on him due to his perceived links to the Kremlin. These restrictions remain in full force and have prevented Abramovich from accessing the sale money. The £2.5bn ($3.38bn) was placed in a frozen account, pending the establishment of an approved charitable structure to manage the funds. This condition required the creation of a foundation, but efforts to set it up have stalled, with no approval yet granted by the Charity Commission.
DID YOU KNOW?
Under the UK’s sanctions laws, disbursement of the money can only take place once the Office for Financial Sanctions Implementation (OFSI) grants a licence, which itself depends on the formation and verification of the proposed charitable foundation. Officials have grown increasingly frustrated by the prolonged stalemate and are ready to challenge the Russian billionaire in court in order to unlock the funds for humanitarian support in Ukraine.
WHAT HAS BEEN SAID
Newly appointed Chancellor Rachel Reeves and Foreign Secretary David Lammy have expressed their administration’s resolve to break the deadlock in a new statement, which read: "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. We are deeply frustrated that it has not been possible to reach an agreement on this with Mr Abramovich so far. While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible."
