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 threatening legal action against the Russian billionaire if he fails to fulfill his commitment to transfer the proceeds to the Ukrainian people. Abramovich sold the club in 2022 following UK sanctions due to his alleged connections to Vladimir Putin after the Ukraine invasion.
The funds, designated for humanitarian purposes related to the Ukraine conflict, are currently held in a UK bank account as a result of a standoff between Abramovich’s legal team and the Government. The billionaire, known for his involvement in oil and gas, intends for the money to benefit all victims of the war, including Russians.
Starmer stated, “Abramovich, time is running out. Uphold your promise and pay now. Otherwise, we are ready to pursue legal action to ensure every penny goes to those impacted by Putin’s unlawful actions.”
Chancellor Rachel Reeves has granted a license for 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.
The frozen funds in the UK account, belonging to Abramovich, are inaccessible to him. Discussions have been ongoing between the UK Government and Abramovich’s company, Fordstam Ltd, to find a resolution since the club’s sale in 2022. Officials are open to any proposal for voluntary donation of the money to Ukraine.
Reeves emphasized, “It is unacceptable for over £2.5 billion owed to the Ukrainian people to remain frozen in a UK bank account. Abramovich must fulfill his obligations. If not, we will take necessary actions to ensure the funds reach Ukraine.”
Foreign Secretary Yvette Cooper added, “This money was pledged to Ukraine over three years ago. Abramovich must act responsibly, or we will take action. Hence, the license has been issued to facilitate the use of these funds to help those affected by Putin’s illegal war.”
Liberal Democrat foreign affairs spokesperson Calum Miller urged the Government to demand Abramovich to transfer the money by year-end, emphasizing the urgent need for assistance to suffering civilians in Ukraine.
This development coincides with efforts by European leaders to resolve the deadlock concerning approximately €210 billion (£184 billion) in Russian assets frozen at the war’s onset. UK officials are optimistic about progress in unlocking these assets to aid Ukraine.
