Roman Abramovich will have to transfer £2.5bn from his sale of Chelsea FC to humanitarian causes in Ukraine.
Keir Starmer told the House of Commons on Wednesday the funds from the Russian oligarch, who is subject to UK sanctions, would be used in a new foundation for Ukraine. Starmer said it was the last chance he would have to comply before legal action was taken.
Abramovich sold Chelsea in 2022 following Russia's invasion of Ukraine under pressure from the then-Tory government. He was granted a license to sell Chelsea, as long as the money was spent supporting the victims of the Ukraine war.
PORTO, PORTUGAL - MAY 29: Roman Abramovich, owner of Chelsea smiles following his team's victory during the UEFA Champions League Final between Manchester City and Chelsea FC at Estadio do Dragao on May 29, 2021 in Porto, Portugal. (Photo by Alexander Hassenstein - UEFA/UEFA via Getty Images)
Roman Abramovich sold Chelsea in 2022 (Image: Alexander Hassenstein - UEFA, UEFA via Getty Images)
The money from the sale was placed in a UK bank account controlled by Abramovich’s company Fordstam. And the money has remained frozen as negotiations between the two parties over how the money should be spent is ongoing.
The government has promised to establish a foundation to disburse the money, headed by Mike Penrose, the former head of Unicef UK. And Starmer has now said he's prepared to take Abramovich to court in order to access the money.
According to The Guardian, ministers believed earlier this year ultimately legal action was likely to be required.
A statement from the Foreign Office read: "UK officials continue to hold discussions with Mr Abramovich's representatives, experts and international partners, and we will double down on our efforts to reach a resolution."
Richard Caborn, the former sports minister, shed light on attempts to navigate this deadlock.
Speaking to The Times, he said: "I have written to Keir Starmer to express my concern and ask him to get the Foreign Office to look at this as a matter of urgency, as we are now in a potentially fast-moving situation.
"This is more than £2billion from the sale of Chelsea which could do a huge amount of good in Ukraine but it is nearly three years now and not a penny has reached there."