Great Britain to transfer £2.5 billion received by Abramovich from Chelsea sale to Ukraine aid fund
While European countries are trying to agree on the use of frozen Russian state assets, Great Britain is moving to concrete actions regarding private Russian capital. Prime Minister Keir Starmer has given the oligarch an ultimatum: either he voluntarily directs the funds to help Ukraine, or the court will decide the matter.
Roman Abramovich at a Chelsea match in May 2021 in London. Photo: AP Photo / Martin Meissner, File
As reported by The Guardian, the UK government is officially beginning the procedure for transferring £2.5 billion, received from the sale of the Chelsea football club by Roman Abramovich, for humanitarian needs in Ukraine.
Speaking in the House of Commons, Keir Starmer stated that the money of the Russian billionaire, who is under British sanctions, will be directed to a specially created new fund for Ukraine. The issuance of a special permit for this transfer by Abramovich is called the "last chance" for the oligarch to fulfill his obligations without judicial intervention.
“The clock is ticking. Roman Abramovich must fulfill the promise made upon the sale of Chelsea. Our government is ready to enforce this through the courts to ensure every penny reaches those whose lives have been destroyed by Putin's illegal war,” the publication quotes Starmer.
The Russian businessman sold the London club in 2022 under pressure from British authorities after the start of Russia's full-scale invasion of Ukraine. At that time, permission for the sale was granted only on the condition that all funds would go to war victims. However, the money remained frozen in Abramovich's company Fordstam's bank account due to long-standing disputes: the oligarch's side wanted the funds to be spent not only in Ukraine but also in other countries, which did not satisfy London.
The British government called the situation where a huge sum has been lying idle for more than two years "unacceptable." The authorities noted that they had tried to negotiate with the businessman's representatives for a long time, but are now ready for decisive action.
As the publication notes, this move by London coincided with the discussion of a larger EU plan to use frozen Russian assets to finance Ukraine. Moscow has already called such intentions "theft" and threatens in response to confiscate assets of European private investors in Russia.
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