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UK government 'fully prepared' to sue Roman Abramovich over frozen £2.5 billion Chelsea sale proceeds

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<p>Abramovich, who had served as Chelsea owner for nearly two decades, decided to part ways with the club in 2022 after Russia launched a full-scale invasion of Ukraine. As war broke out, <a href="https://www.goal.com/en/lists/why-billion-roman-abramovich-chelsea-sale-hasnt-been-paid-ukraine-war-victims-explained/bltd65271d22e3218ef" target="_blank">Abramovich announced he would sell Chelsea</a> and donate the proceeds to a charitable foundation aimed at assisting victims of the conflict, regardless of their nationality.</p>

WHAT HAPPENED?

<p>However, within weeks of his statement, the UK imposed sanctions on him due to his perceived links to the Kremlin. These restrictions remain in full force and have prevented Abramovich from accessing the sale money. The £2.5bn ($3.38bn) was placed in a frozen account, <a href="https://www.goal.com/en/lists/chelsea-braced-bombshell-roman-abramovich-interview-release-former-owner-gbp2-5bn-sale-todd-boehly-clearlake-capital/blt9fcbeeefc4b0f40c" target="_blank">pending the establishment of an approved charitable structure</a> to manage the funds. This condition required the creation of a foundation, but efforts to set it up have stalled, with no approval yet granted by the Charity Commission.</p>

THE BIGGER PICTURE

<p>Under the UK’s sanctions laws, disbursement of the money can only take place once the Office for Financial Sanctions Implementation (OFSI) grants a licence, which itself depends on the formation and verification of the proposed charitable foundation. Officials have grown increasingly frustrated by the prolonged stalemate and are ready to challenge the Russian billionaire in court in order to unlock the funds for humanitarian support in Ukraine. </p>

DID YOU KNOW?

<p>Newly appointed Chancellor Rachel Reeves and Foreign Secretary David Lammy have expressed their administration’s resolve to break the deadlock in a new statement, which read: "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. We are deeply frustrated that it has not been possible to reach an agreement on this with Mr Abramovich so far. 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."</p>

WHAT HAS BEEN SAID

<p>Representatives for Abramovich had earlier claimed that the UK government had shifted its criteria after the sale was completed. They argued that the terms under which the proceeds could be allocated had been narrowed, making the conditions harder to satisfy than originally promised. The current Labour administration, however, has dismissed these complaints and doubled down on the stipulation that the funds can only be used to support relief efforts in Ukraine; no broader interpretations or alternative uses will be entertained.</p>

WHAT NEXT?

UK government 'fully prepared' to sue Roman Abramovich over frozen £2.5 billion Chelsea sale proceeds | Goal.com

The UK government is &quot;fully prepared&quot; to sue Roman Abramovich over the frozen £2.5 billion proceeds from the sale of Chelsea.

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