Roman Abramovich's lawyers are ready to fight the Government for the right to spend the £2.35billion he earned from his Chelsea sale - with the cash yet to be spent
Roman Abramovich is yet to spend the billions he earned from selling Chelsea
Roman Abramovich is yet to spend the billions he earned from selling Chelsea(Image: Adam Davy/PA Wire)
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Roman Abramovich's lawyers have made it clear to the UK Government that the £2.35billion he earned from the Chelsea sale belongs to the Russian oligarch - and they will battle any legal attempt to take the funds.
Back in 2022 the billionaire sold the Premier League outfit following the beginning of the war in Ukraine and his links with Russian president Vladimir Putin. At the time Abramovich stated he chose to sell up because it was "in the best interests of the club".
The money raised from the sale is still frozen in the bank account of Abramovich’s company Fordstam Ltd due to an ongoing dispute over how it will be used to help the victims of the war in Ukraine.
A letter from Abramovich’s law firm states that he remains “fully committed” to using the money for charitable purposes but restrictions handed down from the government are preventing how it can be spent.
Prime Minister Sir Keir Starmer had set a deadline of March 17 for Abramovich to release the entirety of the £2.35bn to go to a new foundation for Ukraine with legal action threatened. The Russian wants the funds to be used to help all victims of the war there and is ready for a legal battle.
The Times has seen a letter from Abramovich’s lawyers which reads: “Strangely, the UK government appears to be treating this proposed donation as a form of punitive measure against Mr Abramovich. This is fundamentally incorrect.
"It is important to emphasise that the funds - although currently frozen - remain the property of Fordstam Limited, which is wholly owned by Mr Abramovich.
“Should the UK government believe it has the legal basis to confiscate these funds instead, it is of course open to initiate formal confiscation proceedings, which will be contested in court.”
Sir Kier Starmer has challenged the oligarch to release the funds
Sir Kier Starmer has challenged the oligarch to release the funds(Image: Alberto Pezzali - WPA Pool/Getty Images)
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Starmer told Abramovich in December that "the clock is ticking" before adding: "Honour the commitment that you made and pay up now, and if you don't we're prepared to go to court and ensure that every penny reaches those whose lives have been torn apart by Putin's illegal war."
Foreign Secretary Yvette Cooper claimed that the ex-Chelsea owner "needs to honour that commitment, pay that money". Cooper had also said, before Abramovich's lawyers laid down their stance: "I'm urging him not to try and pursue further court action."
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