UK Government takes next step to enable donation of proceeds from the sale of Chelsea Football Club (F.C.) to help the grave humanitarian crisis in Ukraine
Licence issued today to permit transfer of over £2.5 billion to benefit the people of Ukraine suffering at the hands of Russian invasion
Chancellor and the Foreign Secretary give Roman Abramovich final chance to make the donation of funds now
The Chancellor and the Foreign Secretary have called time on Roman Abramovich's inaction. He must now hand over more than £2.5 billion from the Chelsea FC sale - as he committed to do so over three years ago - to benefit the victims of Russia's invasion of Ukraine or risk facing court action.
The multi-billion-pound proceeds have been frozen in a UK bank account since the sale in 2022, when the UK government sanctioned Roman Abramovich after Russia's full-scale invasion of Ukraine due to his close ties with Putin.
The government will consider any proposal from Abramovich to voluntarily donate the multi-billion pounds of funds to the most vulnerable in Ukraine. Under the terms of the licence, proceeds must go to humanitarian causes in the country. Any future gains earned by the foundation can be spent more broadly on victims of conflict worldwide. In neither case can the funds benefit Abramovich or other sanctioned individuals.
Should Abramovich fail to free the funds quickly the UK Government is fully prepared to take him to court if necessary to enforce the agreement reached with him in 2022.
Prime Minister Keir Starmer said:
The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold and transfer the £2.5 billion to a humanitarian cause for Ukraine.
This government is prepared to enforce it through the courts so that every penny reaches those whose lives have been torn apart by Putin's illegal war.
Chancellor of the Exchequer 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 said:
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.
Since the sale of the club in 2022, the UK Government has tried to agree a way forward with Abramovich and his company, Fordstam Ltd. The Government will consider any proposal from Abramovich to voluntarily donate the multi-billion-pound proceeds to Ukraine.
Under the terms of the licence, proceeds must go to humanitarian causes in the country while any future gains can be spent more broadly on victims of conflict worldwide. In neither case can the funds benefit Abramovich or other sanctioned individuals.
