UK threatens Abramovich with legal action over £2.5bn Chelsea sale fund for Ukraine
The UK government has warned former Chelsea Football Club owner Roman Abramovich that it is prepared to take legal action over the frozen £2.5 billion ($3.4 billion) raised from the sale of the club in May 2022, which was meant to support victims of the war in Ukraine.
Finance Minister Rachel Reeves and Foreign Secretary David Lammy expressed frustration on Monday over the lack of agreement with Abramovich regarding the distribution of the funds.
The UK wants the money directed exclusively toward humanitarian efforts in Ukraine. However, Abramovich has reportedly insisted that the funds should be used to help all victims of the conflict — including those in Russia.
The sum, currently frozen in a UK bank account, stems from the sale of Chelsea to a consortium led by US businessman Todd Boehly, following Abramovich’s sanctioning by the UK government after Russia’s invasion of Ukraine. Though the funds are frozen, they still legally belong to Abramovich and cannot be released without approval from the Office of Financial Sanctions Implementation (OFSI).
In a joint statement, Reeves and Lammy said:
“The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine. We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far.”
They added that while they are open to continued negotiations, they are also prepared to pursue the matter in court:
“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.”
Roman Abramovich, 58, purchased Chelsea in 2003 and oversaw its most successful era, with the club winning major domestic and international trophies, including two UEFA Champions League titles and five Premier League championships.
The dispute has become a high-profile diplomatic and legal standoff, highlighting ongoing tensions over the handling of sanctioned Russian assets and efforts to support Ukraine more directly through seized funds.
