Britain will formally issue instructions to transfer £2.5billion from Roman Abramovich’s sale of Chelsea FC to humanitarian causes in Ukraine, the Prime Minister has confirmed.
Sir Keir Starmer on Wednesday warned the billionaire oligarch to commit the funds or face legal action from the UK Government.
The Prime Minister told MPs: “We have been working with our allies on frozen Russian assets to support Ukrainians in their hour of need.
“Today I can announce that we're issuing a licence to transfer £2.5bn from the sale of Chelsea Football Club that's been frozen since 2022.
“My message to Abramovich is this: the clock is ticking, honour the commitment that you made, and pay up now, and if you don't, we're prepared to go to court so every penny reaches those whose lives have been torn apart by Putin's illegal war.”
Sir Keir confirmed the money from Mr Abramovich, who is subject to UK sanctions, would be converted in to a new foundation for Ukraine.
The Russian will have to comply or legal action will be taken.
Mr Abramovich sold Chelsea in 2022 following pressure from the British government after Vladimir Putin launched his full-scale invasion of Ukraine.
He was granted a licence to sell Chelsea as long as the money was spent supporting the victims of the war. The proceeds from the sale were placed in a UK bank account controlled by Mr Abramovich’s company Fordstam, where they have been accruing interest.
Chancellor Rachel Reeves said: “It’s unacceptable that more than £2.5 billion of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account.
“It’s time for Roman Abramovich to pay up. If he doesn’t act then we are prepared to do what is necessary to make sure that money get to the Ukrainian people.”
Foreign Secretary Yvette Cooper added: “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. 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.”
