UK Prime Minister Keir Starmer has warned Russian oligarch Roman Abramovich to release £2.5bn from the sale of Chelsea Football Club for victims of the war in Ukraine or face legal action.
Abramovich pledged in 2022 that the proceeds from the sale would be used to support victims of Russia’s invasion of Ukraine. However, the money has remained frozen in a UK bank account amid a dispute over how it should be spent.
The government wants the funds to be used strictly for humanitarian aid in Ukraine. At the same time, Abramovich has insisted they should support “all victims of the war, a position that could allow Russians to benefit.
As reported by the BBC on Wednesday, speaking in the House of Commons, Starmer said the UK had issued a licence allowing the £2.5bn to be transferred, but warned that action would be taken if Abramovich failed to honour his commitment.
“My message to Abramovich is clear: the clock is ticking,” the prime minister said. “Honour the commitment that you made and pay up now, and if you don’t, we’re prepared to go to court.”
Foreign Secretary Yvette Cooper also urged Abramovich to act, saying he must “honour that commitment” and release the money. She confirmed the government would pursue legal action if necessary, though she warned that a court battle could delay the process.
Under the terms of the Treasury licence, the funds must be used for humanitarian causes in Ukraine and cannot benefit Abramovich or any other sanctioned individual.
Abramovich, who made his fortune in oil and gas, was granted a special licence to sell Chelsea following Russia’s invasion of Ukraine on the condition that he would not benefit from the sale. He has denied allegations of close ties to Russian President Vladimir Putin.
It is understood Abramovich has 90 days to comply before the UK considers legal action. His representatives declined to comment.
The dispute comes as European Union leaders prepare to review proposals to use proceeds from frozen Russian assets to support Ukraine’s budget and defence needs, proposals that Russia has strongly opposed.
