Russian tycoon refuses to sign deal on £2.3 billion Ukraine due to get from Chelsea FC sale

Russian oligarch Roman Abramovich, who is currently facing the effects of Western sanctions, refuses to sign the agreement on the allocation of GBP 2.3 billion [$2.9 billion] to the fund for Ukraine's needs because he wants some of the funds to go to "Russians who have suffered from the war, too".

Abramovich wants part of the proceeds from the sale of the Chelsea FC to be directed to help "Russians affected by the war", according to Daily Mail.

The publication adds that neither the British government nor the European Commission will agree to such a move while sanctions against the Russian Federation are in effect.

Government sources confirmed to the Daily Mail that this was the case. According to British Foreign Secretary James Cleverly, there is currently no certainty that the funds will be paid out before the government goes on summer break next month.

" We want to make sure that the money that is released goes exclusively to the recipients it is aimed at. I need full reassurance that is the case," Cleverly said.

It is added that the representatives of the fund hoped to transfer the funds even last summer. Now they expect the funds to arrive in Ukraine before winter.

Trusts holding billions of dollars in Roman Abramovich's assets were rearranged in early February 2022 to transfer the beneficial ownership to his children shortly before sanctions were imposed on the Russian oligarch.

The deal for the sale of Chelsea FC to the American consortium headed by Todd Boeli was closed in January. The English team has been owned by Russian businessman Roman Abramovich since 2003.

Of the total investment, 2.5 billion pounds will be used to purchase shares in the club; these proceeds will be transferred to a frozen bank account in the UK with the intention of donating 100 per cent to charity.