The UK government is preparing for a potential court case against Roman Abramovich after the Russian billionaire missed a deadline to release £2.4bn from the sale of Chelsea Football Club. The funds, which were meant to support victims of the war in Ukraine, were due to be handed over by 17 March, but a dispute over their use has stalled the process.
Government officials have written to Abramovich's lawyers to warn of legal action, stating they will take steps to ensure the money is spent for humanitarian purposes in Ukraine. A government spokesperson said: 'We gave Roman Abramovich his last chance to do the right thing. Once again, he has failed to make the donation he committed to.'
The funds are currently held in a UK bank account controlled by Abramovich's company, Fordstam. The deadlock centres on whether the money should be spent exclusively in Ukraine or elsewhere. Additionally, Fordstam's accounts have revealed that Jersey authorities may be investigating whether the money constitutes proceeds of crime.
Aid charities have welcomed the government's move but expressed concern over further delays. Alison Griffin of Save the Children said: 'The news that the government is planning to take Roman Abramovich to court to free the Chelsea fund is a significant development. However, we are deeply concerned that this will only further delay the release of these much-needed funds.'
The government has also said it will increase support for an independent foundation set up to spend the money when released. Interest accrued since the 2022 sale, estimated at £200m, could potentially be spent outside Ukraine, though ministers have ruled this out for the principal amount.
