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Russian oligarch Roman Abramovich must “immediately compensate” victims of Ukraine’s war or face court action, the prime minister said.
Former Chelsea Football Club owner Roman Abramovich promised in 2022 that funds from the sale of the club would be used to help victims of Russia’s invasion of Ukraine.
The money has been frozen in British bank accounts since he was sanctioned following Russia’s invasion of Ukraine.
But the release of the funds has been delayed amid disagreements between the British government and his lawyers over how the money should be spent in Ukraine.
The government wants the funds to be used for humanitarian purposes, but Abramovich insists the funds will go to “all victims of war,” meaning Russians will also benefit.
The Treasury Department said that under the terms of the license, the funds must be used for “humanitarian causes” in Ukraine and cannot benefit Abramovich or any other sanctioned individuals.
Speaking in the House of Commons, Sir Keir Starmer said the UK had issued licenses “to transfer £2.5 billion from the sale of Chelsea Football Club frozen from 2022”.
Sir Keir said: “My message to Abramovich is clear: time is ticking.
“Follow the promises you made and pay immediately, and if you don’t, we’re prepared to go to court and make sure every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
government Abramovich first threatened to prosecute in June.
Chancellor of the Exchequer Rachel Reeves said; “It is unacceptable that more than £2.5 billion of money owed to the Ukrainian people is allowed to remain frozen in UK bank accounts.”
Abramovich, a Russian billionaire who made his fortune in oil and gas, was given special permission to sell Chelsea after Russia invaded Ukraine if he could prove he would not benefit from the sale.
He is said to be close to Russian President Vladimir Putin, which he denies.
He was barred from receiving the £2.5bn sale proceeds under UK sanctions, but the money was still legally his.
On Thursday, EU leaders will review proposals to use proceeds from Russia’s frozen assets to support Ukraine’s massive budget and defense needs. Russia strongly opposes these proposals.
