UK government threatens legal action over Abramovich's Chelsea sale proceeds
The UK government has announced its intention to pursue legal action against former Chelsea Football Club owner Roman Abramovich to ensure that the £2.5 billion from the sale of the club is used for humanitarian aid in Ukraine. The sale proceeds have been frozen in a UK bank account since Abramovich was sanctioned following Russia's full-scale invasion of Ukraine in February 2022.
The government asserts that the funds should be allocated solely to support those suffering in Ukraine, while Abramovich has expressed a desire for the money to benefit "all victims of the war in Ukraine," which he interprets to include individuals affected within Russia.
In a joint statement, Chancellor Rachel Reeves and Foreign Secretary David Lammy emphasized their readiness to take the matter to court if negotiations fail. "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required," they stated. Their aim is to expedite the disbursement of funds for humanitarian assistance.
The contention surrounding the release of the funds stems from a disagreement between the UK government and Abramovich's legal team. The Russian billionaire, who accrued his wealth in the oil and gas sector, was granted a special license to sell Chelsea after the invasion, contingent upon his assurance that he would not profit from the sale.
Abramovich has been linked to Russian President Vladimir Putin, allegations he has consistently denied. Although he cannot access the proceeds due to UK sanctions, the funds still legally belong to him. When he announced his intention to sell the club, he pledged that the proceeds would be donated through a foundation "for the benefit of all victims of the war in Ukraine."
The UK government has firmly countered that these funds should exclusively support humanitarian efforts within Ukraine. A House of Lords committee previously remarked that it was "incomprehensible" that Abramovich's commitment to assist Ukraine had not been realized, leaving the assets in limbo. The committee criticized both Abramovich and the government for failing to secure a more binding commitment regarding the use of these funds.
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