Roman Abramovich has no plans to let the UK government distribute the £2.35billion from the sale of Chelsea without his blessing.
The money has been frozen since May 2022 over a dispute over exactly how it is to be used.
Roman Abramovich at Stamford Bridge
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Abramovich sold Chelsea in 2022 - 19 years after buying the west London giantsCredit: Getty
Abramovich remains committed to giving it to charitable causes, but sources have told talkSPORT he wants it used for all victims of the war in Ukraine, with no clear definition as to what this means and whether it will include Russians affected by the conflict.
The UK government maintain the money must be used for Ukrainian victims or causes only and are prepared to take legal action to confiscate the funds and resolve a four-year stalemate.
UK Prime Minister Keir Starmer has set a deadline of March 17 to release the funds to a specially-created foundation, but clarity by this date is viewed as unlikely by sources.
Abramovich's legal team argue the money still belongs to the Russian billionaire and they will fight any attempt to release the funds against his wishes.
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A letter from Abramovich’s law firm, seen by talkSPORT, acknowledges "complex legal issues" and makes it clear any legal action from the UK Government will be challenged.
Statement
"Strangely, the UK government appears to be treating this proposed donation as a form of punitive measure against Mr Abramovich," the letter reads.
"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.”
In response to Abramovich's position, Foreign Secretary Yvette Cooper released the following statement to talkSPORT: "This money was promised to Ukraine over three years ago.
"It is time Roman Abramovich does the right thing, but if he won’t we will act. That’s why the licence has been issued.
Roman Abramovich on the pitch at Stamford Bridge
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The Blues won 21 major trophies under Abramovich's ownershipCredit: Getty Images - Getty
A general view of Stamford Bridge
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Chelsea were sold to Clearlake Capital in 2022Credit: Getty
"It is time this money was used to rebuild the lives of people who’ve seen devastation as a result of Putin’s illegal war.”
The £2.35bn from Clearlake-Boehly's Chelsea purchase was originally £2.5bn, but £150m was set aside to deal with potential issues arising from due diligence, including ongoing FA charges for alleged financial rule breaches during Abramovich's tenure.
Of that money, £1.4bn is also owed to Camberley International Investments Limited after Abramovich made a loan from his Jersey-registered company to Chelsea.
"At the time of the sale, Abramovich made it clear he would write off this loan, but there are now legal issues due to an active criminal case against Abramovich from the Jersey government.
Until this is resolved, £1.4bn from the Chelsea sale funds would need to be withheld.
Abramovich called this legal action a “conspiracy” back in November last year with allegations of corruption and money laundering both being investigated.
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Chelsea co-owner Tpdd Boehly at Stamford Bridge
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Chelsea co-owner Todd Boehly is not a popular figure amongst the Blues faithfulCredit: Getty
His lawyers add in their latest letter: “Mr Abramovich denies the allegations in the strongest possible terms and has challenged the investigation, which he contends has been launched for improper political motives, and is currently engaged in related litigation against the Jersey government for unlawful means conspiracy and misfeasance in public office as a result of its conduct.”
Several complications mean it unlikely the UK government are able to confiscate or release the funds this month with Abramovich adamant the money is his, and will only be distributed on his terms.