UK issues final ultimatum to Abramovich over Chelsea sale proceeds for Ukraine

The United Kingdom has issued a final warning to Russian billionaire Roman Abramovich to release £2.5 billion from the sale of Chelsea FC for humanitarian assistance to Ukraine, giving him 90 days to comply or face court action.

Prime Minister Keir Starmer told the House of Commons that the funds, held since the 2022 sale of the football club, would be transferred to a new foundation dedicated to humanitarian causes in Ukraine. He said the government’s decision to issue a licence for the transfer represents Abramovich’s last opportunity to meet the conditions set by the UK authorities, The Guardian writes.

“The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold and transfer the £2.5 billion to a humanitarian cause for Ukraine,” Starmer said. “This government is prepared to enforce it through the courts so that every penny reaches those whose lives have been torn apart by Putin’s illegal war.”

Abramovich sold Chelsea FC in 2022 under pressure from the British government following Russia’s invasion of Ukraine. At the time, he was granted a special licence to complete the sale on the condition that the proceeds be used to support victims of the war. The funds were placed in a UK bank account controlled by his company, Fordstam.

However, the money has remained frozen amid a prolonged dispute between the UK government and Abramovich over whether the funds should be used exclusively within Ukraine or could also be allocated to humanitarian causes elsewhere.

The move comes ahead of a key European Union summit, where leaders are being urged to agree on the use of Russia’s frozen assets to provide Ukraine with a €90 billion loan.

According to officials, Abramovich has been given three months to release the funds before legal proceedings begin. The opposition Liberal Democrats have called for a shorter deadline, arguing that the billionaire should be required to transfer the money by the end of the month.

By Sabina Mammadli