The U.K. government said it is “fully prepared” to take legal action against former Chelsea Football Club owner Roman Abramovich to ensure the proceeds from the club’s sale are directed to Ukraine.
“The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion,” British Chancellor Rachel Reeves and Foreign Secretary David Lammy said in a joint statement.
The £2.5 billion raised from the club’s sale has remained frozen in a U.K. bank account since Abramovich — a Russian billionaire who made his fortune in the oil and gas sector and was sanctioned by the U.K. government in March 2022 over his alleged links to Russian President Vladimir Putin — sold the team to an American-led consortium in May 2022.
While the U.K. insisted that the money should support humanitarian efforts inside Ukraine, Abramovich suggested it would be used to assist “all victims of the war in Ukraine,” including those in Russia.
“We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far,” the statement said. “While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”
Following Russia’s full-scale invasion of Ukraine in February 2022, Abramovich was granted a special license to sell Chelsea, which he’d originally purchased in summer 2003, provided he could prove he would not benefit financially from the transaction.
In December 2023, Abramovich challenged the EU sanctions against him, asking for €1 million to make up for damages to his reputation. The Court of Justice of the European Union (CJEU) rejected the claims for compensation, ruling that the sanctions were not an “unjustified and disproportionate infringement of his fundamental rights.”
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