UK government threatening to sue Abramovich over proceeds from Chelsea sale

 

UK government threatening to sue Abramovich over proceeds from Chelsea sale The UK government is threatening legal action against Roman Abramovich to ensure the £2.5 billion from his 2022 Chelsea Football Club sale supports humanitarian aid in Ukraine. The funds, frozen in a UK bank account since the sale, were intended to help victims of Russia’s invasion of Ukraine. Abramovich, sanctioned for alleged ties to Vladimir Putin, which he denies, sold Chelsea under a special license from the Office of Financial Sanctions Implementation. The license ensured he would not profit, with the proceeds meant for a charitable foundation aiding Ukraine. However, the money remains under his company Fordstam’s control, requiring further licensing to be transferred. The dispute stems from Abramovich’s push to use the funds for “all victims of the war in Ukraine,” including those in Russia, while the UK government insists the money must exclusively support humanitarian efforts within Ukraine. Chancellor Rachel Reeves and Foreign Secretary David Lammy have voiced frustration over the stalled negotiations, emphasizing the urgency of delivering aid to Ukraine. They are prepared to take the matter to court if an agreement isn’t reached soon. The Chelsea sale, one of the largest in sports history, was completed under tight government oversight due to sanctions imposed on Abramovich following Russia’s 2022 invasion. The frozen funds have sparked debates about their use, with the UK government prioritizing swift humanitarian support for Ukraine. Legal action could set a precedent for handling sanctioned assets, but it risks further delaying aid. Both sides remain at odds, with the government signaling it will not back down, while Abramovich’s stance on broader aid distribution complicates the resolution. The outcome will likely shape how sanctioned funds are managed for global humanitarian causes.

See also: U.S. Senate Could Start Work on Russia Sanctions Legislation This Month, According to Leader