£2 Billion From Abramovich’s Football Club Sale May Go to Ukrainian War Victims, UK Says

The UK government is considering legal proceedings to secure £2 billion from the 2022 sale of Chelsea Football Club, previously owned by Russian oligarch Roman Abramovich, to aid Ukraine. 

The funds remained frozen due to disputes over their intended use.

The UK imposed sanctions on Abramovich in 2022, following Russia’s full-scale invasion of Ukraine, leading Abramovich to sell Chelsea FC for about £2.5 billion ($3.22 billion). 

Abramovich had pledged that the proceeds would benefit victims of the war. However, disagreements have arisen regarding the allocation of these funds. 

“Abramovich wants the proceeds to benefit all the victims of the war, including Russian soldiers, as well as wanting it to go towards other charitable causes outside of Ukraine,” New York Times’ The Athletic wrote.

The UK government insists that the funds be directed exclusively toward humanitarian aid in Ukraine. The money remains frozen until the disputes are resolved. 

The UK government is now considering legal action to resolve the issue and ensure the money supports Ukraine’s humanitarian needs.

“Officials say ministers have become increasingly frustrated by the failure to reach an agreement with the Russian oligarch about how the money should be spent and are now ready to fight him in the courts,” The Guardian wrote. 

The proceeds are currently frozen in a UK bank account while a new independent foundation is established to manage and distribute the money, a Foreign Office spokesperson told The Guardian. The bank account is held by Abramovich’s company Fordstam. 

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“The government has promised to establish a foundation to disburse the money, headed by Mike Penrose, the former head of UNICEF UK, but has not yet done so,” The Guardian wrote.

If the lawsuit in the UK proceeds, it will not be the first for Abramovich, as he is already engaged in legal battles with the EU over sanctions.  

Abramovich is contesting EU sanctions imposed after Russia’s invasion of Ukraine. His legal team argues that the sanctions were applied solely because he is a “prominent Russian businessman,” without sufficient grounds, Forbes Ukraine wrote. 

The EU sanctions, introduced in March 2022, mention Abramovich’s close ties to Vladimir Putin, which allegedly helped him maintain his wealth. Abramovich denied any personal connection to the Russian president and has sought to lift the restrictions in court.