Keir Starmer has given a firm demand to former Chelsea owner Roman Abramovich to release £2.5 billion from the club’s sale to support Ukraine.
The UK Government has threatened legal action against the Russian billionaire if he fails to fulfill his commitment to provide the proceeds for the Ukrainian people. Abramovich sold the club in 2022 after being sanctioned by the UK for his alleged connections to Vladimir Putin following the Ukraine invasion.
The money, designated for humanitarian purposes related to the Ukraine conflict, is currently locked in a UK bank account due to a dispute between Abramovich’s legal team and the Government. The billionaire, known for his involvement in the oil and gas industry, aims for the funds to benefit all victims of the war, including Russians.
Starmer emphasized the urgency for Abramovich to honor his pledge and hand over the funds promptly. Failure to comply may lead to legal action to ensure that every penny goes to those affected by Putin’s unlawful actions.
Chancellor Rachel Reeves has granted a license to transfer the money to a new foundation for Ukrainian humanitarian aid. Abramovich has a 90-day window to respond before potential legal repercussions by the UK.
Despite the frozen status of the funds in a UK account, legally owned by Abramovich, the Government has been in discussions with him and his company, Fordstam Ltd, since the club sale in 2022 to find a resolution. Ministers are open to any proposal for voluntary donation of the funds to Ukraine.
Reeves stressed the urgency of releasing the £2.5 billion owed to Ukraine and warned of necessary actions if Abramovich does not act promptly. Foreign Secretary Yvette Cooper echoed the sentiment, emphasizing the need for the funds to rebuild lives affected by Putin’s actions.
Liberal Democrat foreign affairs spokesman Calum Miller called on the Government to mandate Abramovich to transfer the funds by year-end, emphasizing the urgent need to support suffering civilians in Ukraine.
Amid efforts by European leaders to unlock approximately €210 billion (£184 billion) in Russian assets seized during the conflict’s onset, UK officials are optimistic about progress in utilizing the frozen assets to aid Ukraine.