UK Warns Abramovich on £2.5 Billion Chelsea Funds for Ukraine

British Prime Minister Keir Starmer warned Russian oligarch Roman Abramovich on Wednesday to release 2.5 billion pounds from the 2022 sale of Chelsea Football Club to humanitarian causes in Ukraine, or face legal action from the government.

The funds, frozen in a UK bank account since Abramovich sold the west London club in May 2022 to a US-led consortium including Todd Boehly and Clearlake Capital, stem from sanctions imposed on the billionaire due to his ties to Russian President Vladimir Putin following Russia's invasion of Ukraine. Abramovich, who had owned Chelsea since 2003, pledged at the time of the sale to donate the proceeds to support victims of the conflict in Ukraine. However, negotiations have stalled over the allocation of the money, with the UK government insisting it be directed solely to humanitarian efforts within Ukraine, while Abramovich has reportedly sought conditions allowing broader use, including for victims elsewhere.

In a statement during Prime Minister's Questions in the House of Commons, Starmer said, "The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold and transfer the 2.5 billion to a humanitarian...