Former Chelsea owner Roman Abramovich is being threatened with legal action by the UK Labour Government over his failure to release £2.5 billion of funds from the sale of the UEFA Conference League champions to help victims of the war in Ukraine.
Chancellor Rachel Reeves, along with Foreign Secretary David Lammy, is said to be 'frustrated' by the inability to reach an agreement with Mr Abramovich on the frozen proceeds of the sale. The Stamford Bridge club was sold in May 2022 after Mr Abramovich was among the high-profile Russian oligarchs sanctioned following Vladimir Putin’s invasion of Ukraine.
The funds were frozen, with a plan for them to be used to alleviate the suffering caused by the war in Ukraine. But an agreement has yet to be reached with Mr Abramovich over the use of the money, which is held in a UK bank account.
Chancellor Rachel Reeves
Chancellor Rachel Reeves is 'determined' (Image: Justin Tallis/PA)
The money cannot be moved without a licence from the Office of Financial Sanctions Implementation. Ms Reeves and Mr Lammy said: “The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion.
“We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”
Looking for more from MyLondon? Subscribe to our daily newsletters here for the latest and greatest updates from across London.