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Prime Minister Keir Starmer has warned former Chelsea owner Roman Abramovich that “the clock is ticking” over the £2.5 billion frozen from the sale of the club, money that has been set aside to support victims of the war in Ukraine. The warning was delivered in parliament on Wednesday as pressure mounts to resolve the long-running dispute over the funds.
Addressing lawmakers, Starmer urged Abramovich to honour the pledge made at the time of the sale, calling on him to release the money without further delay. He said the government was prepared to take the matter to court if necessary to ensure the funds reached those affected by what he described as Vladimir Putin’s illegal invasion of Ukraine.
Ministers had already voiced frustration in June at the lack of progress in reaching an agreement with Abramovich over how the proceeds from the May 2022 sale should be used. While the UK government wants the money directed towards humanitarian relief in Ukraine, Abramovich has argued it should be distributed to all victims of the conflict, including those in Russia.
Chelsea were sold to a consortium led by American businessman Todd Boehly after Abramovich was sanctioned following Russia’s invasion of Ukraine. Since then, the £2.5 billion raised from the transaction has remained frozen in a UK bank account.
Although the money still legally belongs to Abramovich, it cannot be released without authorisation from the Office of Financial Sanctions Implementation. Starmer told parliament that the government is now issuing a licence to allow the transfer of the frozen funds.
Announcing the move, the prime minister said the licence would permit the release of the £2.5 billion that has been held since 2022, before repeating his message to Abramovich that time was running out.
Abramovich, a Russian-Israeli billionaire who purchased Chelsea in 2003, was estimated to be worth $14.5 billion in 2021. During his ownership, the club enjoyed the most successful period in its history, winning two Champions League titles, five Premier League crowns, five FA Cups, two Europa Leagues and the Club World Cup.
