Keir Starmer has given a deadline to former Chelsea owner Roman Abramovich to hand over £2.5 billion from the club’s sale to support Ukraine.
The UK Government is warning of legal action against the Russian billionaire if he fails to fulfill his commitment to provide the proceeds to the Ukrainian people. Abramovich sold the club in 2022 under UK sanctions due to his alleged connections to Vladimir Putin following the Ukraine invasion.
The funds, initially intended for humanitarian purposes related to the Ukraine conflict, are currently locked in a UK bank account due to a dispute between Abramovich’s legal team and the Government. The billionaire, who amassed his wealth in the oil and gas industry, wishes for the money to aid “all victims of the war,” potentially including Russians.
Starmer stated, “I urge Abramovich to act now and honor his promise. If not, we are prepared to seek legal recourse to ensure every penny reaches those affected by Putin’s unlawful actions.”
Chancellor Rachel Reeves has granted permission for the funds to be transferred to a new foundation supporting humanitarian efforts in Ukraine. Abramovich has a 90-day window to respond before potential legal measures by the UK.
Although the money is inaccessible to the billionaire as it is frozen in a UK account, it legally belongs to him. Talks between the UK Government and Abramovich’s company, Fordstam Ltd, have been ongoing since the club sale in 2022 to find a resolution. Ministers are open to any proposal for voluntary donation of the funds to Ukraine.
Reeves emphasized, “It is not acceptable for over £2.5 billion owed to the Ukrainian people to remain frozen. Abramovich must fulfill his obligation. If he does not, we will take necessary steps to ensure the funds reach Ukraine.”
Foreign Secretary Yvette Cooper added, “This commitment to Ukraine was made over three years ago. Abramovich must take appropriate action, otherwise, we will intervene. Hence, the license has been issued. It is time for this money to aid in rebuilding the lives affected by Putin’s illegal war.”
Liberal Democrat foreign affairs spokesman Calum Miller urged the Government to demand Abramovich to transfer the funds by year-end, emphasizing the need for prompt assistance to suffering civilians in Ukraine.
The call for action aligns with European leaders’ efforts to resolve the impasse over approximately €210 billion (£184 billion) in Russian assets frozen at the war’s onset. UK officials are optimistic about progress in unlocking the frozen assets to aid Ukraine.