Prime Minister Sir Keir Starmer has warned that Russian billionaire Roman Abramovich must hand over £2.5bn from the sale of Chelsea Football Club to help victims of the war in Ukraine, or the UK government will take him to court.
Abramovich sold Chelsea in 2022 after being sanctioned by the UK following Russia’s invasion of Ukraine. He promised at the time that the money from the sale would be used to help people affected by the war.
However, the £2.5bn has remained frozen in a UK bank account because the government and Abramovich’s lawyers have been unable to agree on how the money should be distributed.
Speaking in Parliament, Sir Keir said the government has now issued a licence that would allow the money to be transferred. He warned Abramovich that time is running out and told him to honour his promise or face legal action.
Starmer said the government is prepared to go to court to make sure the full amount is used to help people whose lives have been devastated by the war in Ukraine.
The Treasury said the money must go only to humanitarian causes in Ukraine and cannot benefit Abramovich or any other sanctioned individual. Abramovich, however, has argued the funds should be used to help all victims of the war, not just those in Ukraine.
Although Abramovich cannot access the money because of sanctions, it still legally belongs to him. He was allowed to sell Chelsea only after agreeing that he would not benefit from the sale.
Abramovich has denied claims that he has close links to Russian President Vladimir Putin.
