- Abramovich pledged Chelsea sale money to Ukraine war victims in 2022
- £2.5bn has remained frozen in a UK bank since the sale
- UK government and Abramovich’s lawyers disagree on how funds should be used
Prime Minister Sir Keir Starmer has issued a firm warning to Russian oligarch Roman Abramovich, saying he must honour his promise to help victims of the war in Ukraine or face legal action.
Abramovich, the former owner of Chelsea Football Club, pledged in 2022 that proceeds from the sale of the club would be used to support those affected by Russia’s invasion of Ukraine.
However, the £2.5 billion from the sale has remained frozen in a British bank account since then, after Abramovich was sanctioned by the UK government.
Speaking in the House of Commons, Starmer confirmed that the UK had already issued a licence allowing the transfer of the frozen funds.
“My message to Abramovich is clear: the clock is ticking,” the Prime Minister said.
“Honour the commitment that you made and pay up now. If you don’t, we are prepared to go to court to ensure every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
The government had first threatened court action in June, signalling growing frustration over the delay.
The standoff centres on how the money should be used. The UK government insists the funds must go strictly to humanitarian aid in Ukraine. Abramovich has argued the money should benefit all victims of the war, not just those inside Ukraine.
The Treasury clarified that under the licence, the funds cannot benefit Abramovich or any other sanctioned individual.
Abramovich was granted a special licence to sell Chelsea after the invasion, on condition that he would not personally gain from the deal. While he cannot access the £2.5bn under UK sanctions, the money still legally belongs to him.
The billionaire, who made his wealth in oil and gas, has long been accused of having close ties to Russian President Vladimir Putin, claims he has repeatedly denied.
For now, the funds remain frozen,but with the Prime Minister’s warning, the long-running stalemate appears to be nearing a decisive moment.
