Keir Starmer has given a final warning to ex-Chelsea owner Roman Abramovich to hand over £2.5 billion from the club’s sale to assist Ukraine.
The UK Government is ready to take legal action against the Russian tycoon unless he fulfills his commitment to transfer the funds to the Ukrainian people. Abramovich sold the club in 2022 after facing UK sanctions for his alleged connections to Vladimir Putin following the Ukraine conflict.
The money, designated for humanitarian aid related to the war in Ukraine, is currently frozen in a UK bank account due to a dispute between Abramovich’s legal team and the government. The billionaire, whose wealth stems from the oil and gas industry, intends for the funds to benefit all war victims, including Russians.
Starmer stated, “Abramovich, time is running out. Uphold your promise and make the payment promptly. Failure to comply will result in legal action to ensure the funds reach those affected by Putin’s unlawful war.”
Chancellor Rachel Reeves has granted a license permitting the transfer of the funds to a new foundation dedicated to humanitarian relief for Ukraine. Abramovich has a 90-day deadline to respond before potential legal repercussions by the UK.
The funds, held in a UK account, are inaccessible to the billionaire but legally remain his. The UK Government has been engaged in discussions with Abramovich and his company, Fordstam Ltd, since the club’s sale in 2022 to find a resolution. Officials have expressed willingness to consider any proposals for voluntary donation of the funds 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 obligation. If he fails to act, we will take necessary steps to ensure the funds reach Ukrainians.”
Foreign Secretary Yvette Cooper urged Abramovich to fulfill the commitment made over three years ago. The license issuance signifies the government’s readiness to intervene and utilize the funds to aid individuals affected by Putin’s illegal war.
Liberal Democrat foreign affairs spokesman Calum Miller suggested the government should mandate Abramovich to transfer the funds by year-end to expedite aid to suffering civilians in Ukraine.
Efforts by European leaders to resolve the impasse concerning around €210 billion (£184 billion) in Russian assets seized at the war’s onset are ongoing. UK authorities are optimistic about progress in utilizing the frozen assets to support Ukraine.