In a bold statement that underscores the urgency of the situation, Prime Minister Sir Keir Starmer has called on Russian oligarch Roman Abramovich to "pay up now" to those affected by the war in Ukraine or face potential legal repercussions. Abramovich, who once owned Chelsea Football Club, had committed in 2022 to allocate the £2.5 billion he earned from the club’s sale to support victims of Russia's invasion of Ukraine.
However, there has been a significant delay in releasing these funds, which are currently frozen in a bank account within the UK. This impasse arises from disagreements over how the money should be utilized. The government insists that the funds must specifically aid humanitarian efforts in Ukraine, while Abramovich contends that they should be distributed to "all victims of the war," which implies that individuals from Russia could also receive assistance.
Due to current UK sanctions, Abramovich is unable to access these funds, yet legally, the profits from the Chelsea sale remain his property. A government spokesperson emphasized, "If Mr. Abramovich fails to act swiftly, this government is fully committed and ready to pursue legal action to enforce that commitment if necessary." They further elaborated that the released funds would significantly bolster frontline efforts, enhance protections for vulnerable populations, and facilitate sustainable solutions aimed at transitioning Ukraine from immediate crisis management to long-term resilience.
The spokesperson stated, "It is difficult to overemphasize the transformative effect that an additional £2.5 billion could have on the people of Ukraine."
Representatives for Abramovich have not provided any comments regarding this matter. In remarks made in the House of Commons, Sir Keir Starmer highlighted that the UK government had issued a license that would allow the transfer of the £2.5 billion from the Chelsea sale, which has remained frozen since 2022. He conveyed a clear message to Abramovich: "The clock is ticking. Honor your commitment and pay up now; if you fail to do so, we are prepared to initiate court proceedings to ensure that every penny reaches those whose lives have been upended by Putin's unlawful war."
According to the Treasury, the stipulations of the license state that the money must be directed towards "humanitarian causes" in Ukraine and cannot benefit Abramovich or any other individuals under sanctions. The government first threatened to take legal action against Abramovich back in June. Chancellor Rachel Reeves remarked, "It is unacceptable that more than £2.5 billion owed to the Ukrainian populace continues to be held in a frozen state in a UK bank account."
Abramovich, a billionaire who amassed his wealth through oil and gas investments, was granted a special license to sell Chelsea following the onset of the conflict, contingent upon his ability to demonstrate that he would not benefit from the transaction. Although he has been alleged to have close ties to Russian President Vladimir Putin—a claim he denies—he now faces a deadline of 90 days to respond before the UK considers legal action.
In related developments, EU leaders are expected to evaluate proposals aimed at utilizing proceeds from frozen Russian assets to assist with Ukraine's extensive budget and defense requirements, a move that Russia has vehemently opposed.
