Keir Starmer has given a deadline to former Chelsea owner Roman Abramovich to hand over £2.5 billion from the sale of the club to assist Ukraine.
The UK Government is warning of legal action against the Russian billionaire if he fails to fulfill his commitment to transfer the proceeds to the Ukrainian people. Abramovich sold the club in 2022 after facing UK sanctions for his alleged connections to Vladimir Putin following the Ukraine invasion.
The funds, earmarked for humanitarian efforts related to the Ukraine conflict, are currently frozen in a UK bank account due to a standoff between Abramovich’s legal team and the Government. The billionaire, whose wealth comes from the oil and gas industry, desires the money to aid “all victims of the war,” potentially including Russians.
Starmer stated, “Abramovich, time is running out. Uphold your promise and pay now. If not, we are prepared to go to court to ensure every penny reaches those affected by Putin’s unlawful war.”
Chancellor Rachel Reeves has granted a permit to enable the transfer of the funds to a new foundation for Ukraine’s humanitarian assistance. Abramovich has a 90-day window to respond before potential legal action by the UK.
The UK has been in discussions with Abramovich and his company, Fordstam Ltd, since the club sale in 2022 to determine a solution. Government officials are open to any proposal for voluntary donation of the funds to Ukraine.
Reeves emphasized, “It is unacceptable that over £2.5 billion owed to the Ukrainian people remains frozen in a UK account. Roman Abramovich must fulfill his obligations. If not, we are prepared to take necessary actions to ensure the funds reach Ukraine.”
Foreign Secretary Yvette Cooper echoed the sentiment, urging Abramovich to act and fulfill the long-standing commitment to Ukraine. A licence has been issued to facilitate the transfer of the funds for the rebuilding of lives impacted by Putin’s actions.
Liberal Democrat foreign affairs spokesman Calum Miller called for a year-end deadline for Abramovich to transfer the money, emphasizing the urgent need for assistance in Ukraine.
These developments coincide with efforts by European leaders to resolve the impasse over approximately €210 billion (£184 billion) in Russian assets seized at the conflict’s outset. UK officials are hopeful for progress in unlocking these frozen assets to aid Ukraine.