Keir Starmer has given a firm demand to former Chelsea owner Roman Abramovich to hand over £2.5 billion from the club’s sale to assist Ukraine. The UK Government is warning of potential legal action against the Russian billionaire unless he fulfills his commitment to provide the proceeds to the Ukrainian people. Abramovich, who sold the club in 2022 due to UK sanctions related to his alleged ties to Vladimir Putin following the Ukraine invasion, has the money frozen in a UK bank account. Disputes between Abramovich’s legal team and the Government have stalled the transfer, with the oligarch intending for the funds to benefit all war victims, including Russians.
In response, Keir Starmer has urged Abramovich to act promptly, emphasizing that legal action will be pursued if the commitment is not honored. Chancellor Rachel Reeves has approved a license to facilitate the transfer of the funds to a new foundation for humanitarian aid in Ukraine, giving Abramovich a 90-day window to respond before potential legal measures are taken by the UK.
Despite the funds being frozen in a UK account and belonging to Abramovich, discussions between the UK Government and Abramovich’s company, Fordstam Ltd, have been ongoing since the club sale in 2022 to determine a resolution. The Government is open to any proposal for voluntary donation of the money to Ukraine.
Rachel Reeves stressed the urgency of releasing the £2.5 billion owed to Ukraine, stating that action will be taken if Abramovich fails to comply. Foreign Secretary Yvette Cooper echoed similar sentiments, emphasizing the need for Abramovich to fulfill his commitment to support Ukrainian rebuilding efforts after the devastation caused by Putin’s actions.
Liberal Democrat foreign affairs spokesman Calum Miller urged the Government to enforce a deadline for Abramovich to transfer the money by the end of the year, highlighting the delayed assistance to suffering civilians in Ukraine.
Efforts are underway by European leaders to address the deadlock surrounding the approximately €210 billion (£184 billion) in Russian assets seized at the conflict’s onset, with UK officials optimistic about progress in utilizing the frozen assets to aid Ukraine.