British authorities insist the money must be spent exclusively on humanitarian aid within Ukraine, aligning with wider European efforts to make Russia bear the financial burden of the destruction it has caused.
By Afolabi Ayodele
The British government has warned it may take Russian billionaire Roman Abramovich to court over £2.5 billion ($3.4 billion) in frozen funds from the sale of Chelsea Football Club — money Abramovich initially pledged for victims of the war in Ukraine.
The funds, currently frozen in a UK bank account, remain untouched since the club’s sale in May 2022, following sweeping sanctions imposed on Abramovich during the UK’s crackdown on Russian oligarchs after Moscow’s full-scale invasion of Ukraine.
British authorities insist the money must be spent exclusively on humanitarian aid within Ukraine, aligning with wider European efforts to make Russia bear the financial burden of the destruction it has caused. However, Abramovich is reportedly pushing for greater discretion in how the funds are used, including support for victims of the conflict outside Ukraine.
In a rare and forceful joint statement issued Tuesday, UK Finance Minister Rachel Reeves and Foreign Secretary David Lammy expressed deep frustration over the ongoing impasse.
“The government is determined to ensure that the proceeds from the sale of Chelsea Football Club are directed toward humanitarian causes in Ukraine, following Russia’s illegal invasion. We are deeply frustrated that agreement has not yet been reached with Mr. Abramovich,” the ministers said.
While the UK government reiterated its willingness to continue negotiations, it also made clear it is “fully prepared to pursue this through the courts if required.”
A representative for Abramovich did not respond to media requests for comment. However, this isn’t the first time legal action has been floated. In March, Reuters reported that the UK was actively considering litigation over the stalled funds.
The proceeds from the Chelsea sale, which was finalized under a consortium led by U.S. investor Todd Boehly and Clearlake Capital, are currently held under strict government control. Any movement of the funds requires a special license from the Office of Financial Sanctions Implementation (OFSI), the Treasury agency responsible for enforcing sanctions.
Under Abramovich’s ownership, Chelsea enjoyed an era of unprecedented success, winning multiple Premier League titles, domestic cups, and two UEFA Champions League trophies. But his ties to the Kremlin placed him in the crosshairs of UK sanctions following Russia’s invasion of Ukraine.
As the standoff continues, the fate of the £2.5 billion remains uncertain, and the humanitarian aid it was meant to deliver is still out of reach for millions affected by the war.
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