Prime Minister Keir Starmer has warned Roman Abramovich that "the clock is ticking" over £2.5 billion frozen from the sale of Chelsea and announced the government will issue a licence to transfer the funds. The government wants the money directed to humanitarian relief in Ukraine; Abramovich says it should be available to all victims of the conflict. The funds remain legally Abramovich's until released by the Office of Financial Sanctions Implementation, and ministers say they will go to court if necessary to ensure aid reaches those affected by the war.
Starmer Tells Abramovich 'Clock Is Ticking' as Government Moves to Release £2.5bn From Chelsea Sale
'My message to Abramovich is this: the clock is ticking,' the UK prime minister has warned (OZAN KOSE)(OZAN KOSE/AFP/AFP)
British Prime Minister Keir Starmer has publicly warned Roman Abramovich that "the clock is ticking" over the frozen £2.5 billion proceeds from the 2022 sale of Chelsea Football Club, which the government says should be used for humanitarian aid in Ukraine.
What Starmer Announced
Speaking in Parliament, Starmer said the government will issue a licence to allow the transfer of the funds held in a UK bank account and repeated a direct appeal to Abramovich:
"Honour the commitment you made and pay up now, and if you don't, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin's illegal war."
Where the Money Stands
The £2.5 billion remains frozen after the May 2022 sale of Chelsea. Although the money is held in a UK bank account, it still legally belongs to Abramovich and cannot be released without a licence from the Office of Financial Sanctions Implementation (OFSI). Starmer said the government is now issuing that licence to enable the transfer for humanitarian purposes.
Abramovich's Position and Government Response
Ministers have previously expressed frustration after talks failed to agree on where the proceeds should be allocated. The UK government wants the funds directed specifically to humanitarian relief in Ukraine, while Abramovich has argued the money should be available to all victims of the conflict, including people in Russia. The prime minister made clear the government is willing to use the courts to ensure the money reaches civilians affected by the war.
Background
Abramovich, a Russian-Israeli billionaire who bought Chelsea in 2003, sold the club in May 2022 to a consortium led by US businessman Todd Boehly after he was sanctioned following Russia's invasion of Ukraine. Abramovich was estimated to have had a personal fortune of about $14.5 billion in 2021. Under his ownership Chelsea enjoyed its most successful era, winning multiple domestic and European trophies.
Next steps: The licence issued by OFSI should permit transfer of the funds for humanitarian use, but legal or diplomatic disputes could still affect timing and final allocation.
