Keir Starmer has given a final warning to former Chelsea owner Roman Abramovich, demanding £2.5 billion from the club’s sale to aid Ukraine. The UK Government is ready to take legal measures against the Russian billionaire if he fails to fulfill his commitment to allocate the proceeds for the benefit of the Ukrainian people. Abramovich divested the club in 2022 following UK sanctions tied to Vladimir Putin post the Ukraine invasion.
The funds, designated for humanitarian purposes related to the Ukraine conflict, are currently locked in a UK bank account due to a standoff between Abramovich’s legal team and the Government. The mogul, known for his wealth in oil and gas, intends for the money to assist all victims of the war, including Russians.
Starmer emphasized the urgency of Abramovich honoring his pledge and releasing the funds promptly. Failure to comply may lead to legal action to ensure the funds reach those affected by Putin’s unlawful actions. Chancellor Rachel Reeves granted permission today for the funds to be transferred to a new foundation for humanitarian relief in Ukraine, giving Abramovich a 90-day window to respond before potential legal intervention.
The money, held in a UK account, is inaccessible to Abramovich at present but remains legally tied to him. Government negotiations with Abramovich and his firm, Fordstam Ltd, have been ongoing since the club’s sale in 2022 to facilitate a resolution. Officials are open to any proposal for voluntary donation of the funds to Ukraine.
Reeves expressed dissatisfaction over the prolonged freezing of £2.5 billion owed to Ukraine and urged Abramovich to meet his obligations promptly. The Government stands prepared to take necessary actions to ensure the funds reach the Ukrainian people if Abramovich does not comply. Foreign Secretary Yvette Cooper echoed the sentiment, emphasizing the need for the funds to aid in rebuilding the lives of those impacted by Putin’s aggression.
Liberal Democrat foreign affairs spokesman Calum Miller urged the Government to mandate Abramovich’s transfer of the funds by year-end, stressing the importance of timely assistance for suffering civilians in Ukraine. In parallel, European leaders are striving to resolve the deadlock surrounding approximately €210 billion (£184 billion) in Russian assets seized at the conflict’s onset. UK officials are optimistic about progress in unlocking these frozen assets to support Ukraine.
