UK Prime Minister Keir Starmer has issued a stern warning to Russian oligarch Roman Abramovich regarding the proceeds from the sale of Chelsea FC. Starmer emphasized that “the clock is ticking” for Abramovich to fulfill his pledge to donate the funds to humanitarian efforts in Ukraine. This statement came during a session with Members of Parliament on Wednesday, where Starmer detailed the government’s recent actions to facilitate the transfer of the sale proceeds.
The UK Government has approved a license that allows the proceeds from the sale of Chelsea to be redirected towards a new foundation dedicated to humanitarian causes in Ukraine. Starmer made it clear that the expectation is for Abramovich to act without delay. He stated, “Honour the commitment you made and pay up now, and if you don’t, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
Abramovich sold Chelsea in May 2022 following sanctions imposed on him after Vladimir Putin‘s invasion of Ukraine earlier that year. While the oligarch had publicly committed to donating the sale proceeds to support the people of Ukraine, negotiations with the government have stalled, leaving the funds frozen in a UK bank account.
Downing Street indicated that Abramovich has raised objections to the government’s stipulation that the funds must be exclusively allocated for humanitarian purposes in Ukraine. The recent licensing decision represents a strategic move to compel Abramovich to fulfill his promise before the government resorts to legal action. While there is no defined deadline for action, officials expect Abramovich to comply within the coming months.
During the session, Rachel Reeves, the Chancellor of the Exchequer, expressed frustration over the lack of progress in discussions with Abramovich. She deemed it “unacceptable” that the money remains inaccessible and reaffirmed the government’s readiness to take necessary measures to ensure the funds reach their intended destination.
The UK Treasury has indicated that it would consider any proposal from Abramovich that would result in a voluntary transfer of the funds to Ukraine. However, it has not specified what legal mechanisms might be available to enforce the transfer if Abramovich fails to act. Under the new license, the proceeds must be utilized for humanitarian causes in Ukraine, while any future financial gains could potentially be allocated more broadly to victims of conflict worldwide.
As the situation develops, the UK Government remains focused on ensuring that humanitarian support reaches those affected by the ongoing conflict, underscoring the urgency of Abramovich’s compliance with his commitment.
