Keir Starmer has given a stern warning to former Chelsea owner Roman Abramovich, demanding that he release £2.5 billion from the club’s sale to assist Ukraine.
The UK Government has threatened legal action against the Russian billionaire if he fails to fulfill his commitment of transferring 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, earmarked for humanitarian purposes related to the Ukraine conflict, are currently held in a UK bank account as negotiations between Abramovich’s legal team and the Government have reached a standstill. The billionaire, whose wealth is rooted in the oil and gas industry, intends for the money to benefit all victims of the war, including Russians.
Starmer emphasized, “Abramovich, time is running out. Keep your promise and pay up now. If not, we are ready to pursue legal action to ensure that every penny reaches those impacted by Putin’s unlawful war.”
Chancellor Rachel Reeves has granted permission for the funds to be transferred to a new foundation dedicated to humanitarian aid for Ukraine. Abramovich has been given a 90-day deadline to respond before the UK considers legal measures.
Although the money is inaccessible to the billionaire as it is frozen in a UK account, it legally belongs to him. Discussions between the UK Government and Abramovich’s company, Fordstam Ltd, have been ongoing since the club sale in 2022 to find a resolution. Government officials have expressed willingness to consider any proposal for voluntary donation of the funds to Ukraine.
Reeves stated, “It is unacceptable for over £2.5 billion owed to the Ukrainian people to remain locked in a UK bank account. Roman Abramovich must fulfill his obligation. If he fails to act, we will take necessary steps to ensure the funds reach the Ukrainian people.”
Foreign Secretary Yvette Cooper stressed, “This money was pledged to Ukraine more than three years ago. It is time for Roman Abramovich to do the right thing, but if he doesn’t, we will take action. That’s why the license has been issued. It is time for this money to be utilized in rebuilding the lives of those affected by Putin’s illegal war.”
Liberal Democrat foreign affairs spokesperson Calum Miller urged the Government to demand Abramovich to transfer the funds by year-end, emphasizing that the money should have assisted Ukrainian civilians in need much earlier.
The situation unfolds amidst efforts by European leaders to resolve the impasse over approximately €210 billion (£184 billion) in Russian assets seized at the onset of the conflict. UK officials are optimistic about progress in unlocking the frozen assets to support Ukraine.