Prime Minister Keir Starmer has issued a direct ultimatum to sanctioned Russian billionaire Roman Abramovich: transfer the £2.5 billion from the sale of Chelsea Football Club to a humanitarian fund for Ukraine or face enforcement through the courts.
The Stalled Promise and Government Ultimatum
The substantial sum has remained frozen in a UK bank account since the club's sale was completed in 2022. Abramovich, who was sanctioned due to his links with Russian President Vladimir Putin, had originally pledged to donate the entire proceeds to support the people of Ukraine following Russia's invasion.
However, the UK government has now expressed significant frustration over the continued delay. Ministers have prepared to take legal steps to compel the transfer if Abramovich does not voluntarily fulfil his commitment. The government has already issued a special licence authorising the movement of the frozen funds to an appropriate humanitarian cause.
Abramovich's Legal Hurdle in Jersey
The standoff centres on a separate legal proceeding involving Abramovich. According to sources, the billionaire contends that he cannot release the £2.5 billion while he is subject to a case brought against him by the government of Jersey. He is reportedly seeking the dismissal of this case before the Chelsea funds can be transferred.
This argument has failed to satisfy the Westminster government, which views the humanitarian need in Ukraine as urgent and paramount. Officials have made it clear that the licence for transfer is in place and that further delays are unacceptable.
Clock Ticking on Court Action
With diplomatic requests proving insufficient, the Starmer administration is now ready to escalate the matter. The message from Downing Street is unequivocal: the "clock is ticking" for Abramovich to act. If he does not, the government will initiate court proceedings to enforce the transfer of the money from the frozen account.
This move underscores a tougher stance on ensuring that sanctioned individuals' assets are used for intended humanitarian purposes. The potential legal battle would set a significant precedent for the handling of frozen Russian-linked assets in the UK.
The outcome is being closely watched, as it involves one of the largest single sums tied to the sanctions regime against Russian oligarchs. Its successful transfer would provide a major boost to Ukrainian relief efforts.
