UK Prime Minister Sir Keir Starmer has demanded that Russian oligarch Roman Abramovich immediately transfer £2.5 billion from the sale of Chelsea Football Club to aid victims of the war in Ukraine, warning that failure to do so within 90 days will result in court action. The ultimatum, delivered during Prime Minister’s Questions on Wednesday, underscores the UK government’s determination to redirect frozen Russian assets to support humanitarian efforts in Ukraine.
The funds in question stem from Abramovich’s forced sale of Chelsea FC in 2022, following Russia’s invasion of Ukraine and subsequent sanctions imposed on the oligarch due to his alleged ties to President Vladimir Putin. At the time, Abramovich pledged that the proceeds would be used “for the benefit of all victims of the war,” but the money has remained frozen in a UK bank account amid a prolonged dispute over its exact allocation.
Sir Keir Starmer explicitly addressed the Commons, stating, “My message to Abramovich is clear: the clock is ticking.” He announced that the Treasury has issued a licence to facilitate the transfer of the £2.5 billion to a foundation dedicated to Ukrainian humanitarian causes. This move aims to break the deadlock that has persisted for over two years, during which negotiations between the government and Abramovich’s representatives have stalled.
A key point of contention has been Abramovich’s insistence that the funds benefit “all victims of the war,” which could include Russians, whereas the UK government mandates that the money be used exclusively for humanitarian purposes in Ukraine. Foreign Secretary Yvette Cooper reinforced this position, telling the BBC that Abramovich “needs to honour that commitment, pay that money,” and urging him to avoid further legal delays that could prolong the process for years.
The government has set a 90-day deadline for Abramovich to comply by establishing the foundation and arranging the transfer in accordance with the licence. If he fails to act, officials have confirmed they will pursue litigation in UK courts to seize the funds. Downing Street has not specified the exact legislation under which action would be taken, but the threat is part of a broader strategy to hold Russian elites accountable for the war’s devastation.
Roman Abramovich, who made his fortune in Russia’s oil and gas sectors and has denied close ties to Putin, has been a prominent figure in the UK since purchasing Chelsea FC in 2003. His sanctions in 2022 led to the club’s sale, with the proceeds intended to support war victims, but the impasse has highlighted the complexities of repurposing frozen assets. His representatives have declined to comment on the latest developments.
This stance aligns with wider European efforts to utilize frozen Russian assets to aid Ukraine, as EU leaders prepare to review proposals for using proceeds from such assets to support Ukraine’s budget and defence needs. Russia has opposed these measures, setting the stage for ongoing international legal and diplomatic battles over the financial fallout from the invasion.
The UK’s move signals a hardening approach towards sanctioned oligarchs and could set a precedent for similar actions against other frozen Russian funds. As the 90-day countdown begins, the focus will be on whether Abramovich acquiesces or engages in a protracted court fight, with billions of pounds hanging in the balance for Ukrainian relief efforts.
