10th March 2026
March 10 – Lawyers for former Chelsea owner Roman Abramovich have warned the UK government not to confiscate £2.35 billion from the sale of the London club as a dispute over the money escalates.
Following Russia’s invasion of Ukraine, Chelsea was sold but the proceeds remain frozen in a row over how the fund will be used to help victims of the war in Ukraine.
The UK wants the money ring-fenced for Ukraine while Abramovich wants the proceeds used for all victims of the war, leaving open the possibility that some of it could end going to injured Russian soldiers.
Now, Abramovich’s lawyers have warned that the money belongs to the Russian billionaire and that he will challenge any attempt at confiscation in court.
The letter, as reported by the Times, said: “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.”
With the money frozen in the bank account of Fordstam Ltd, the UK government, led by Prime Minister Keir Starmer, has set a deadline of March 17 for Abramovich to release the money and steer it to a new foundation for Ukraine. The government has threatened legal action.
In response to the letter, Britain’s foreign secretary, Yvette Cooper, said: “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”.
The UK and European Union slapped Abramovich with international sanctions, freezing his assets, citing his ties to Vladimir Putin’s regime.
“The proposal to donate these proceeds was initiated by Mr Abramovich prior to the imposition of sanctions, and he remains fully committed to ensuring that the funds are used for charitable purposes,” said the letter.
Fordstam Ltd’s latest company accounts reveal that £1.4 billion of the total is owed to Camberley International Investments Limited, a company registered in Jersey. This amount represents the loans Roman Abramovich provided to Chelsea over his two decades of ownership. According to Fordstam’s accounts, “the net proceeds of the sale, after accounting for other balance sheet items,” would be donated to a charitable foundation.
The Jersey government – which has frozen more than £5 billion of the Russian’s fortune – is investigating Abramovich.
Contact the writer of this story, Samindra Kunti, [moc.l1773137477labto1773137477ofdlr1773137477owedi1773137477sni@i1773137477tnuk.1773137477ardni1773137477mas1773137477](javascript:;)