LONDON — The UK government is taking a firm stance against Roman Abramovich, the Russian billionaire who sold Chelsea Football Club, over how the £2.5 billion ($3.4 billion) from that sale is being used. The money, which has been frozen since the sale, was intended by Abramovich to help victims affected by the war in Ukraine. But Britain insists the funds must only support those impacted directly in Ukraine.
After Russia’s invasion of Ukraine in 2022, Britain imposed sanctions on Abramovich, prompting a quick sale of the famous Premier League club. Since then, the government has kept the money locked in a UK bank account to prevent it from being spent without strict oversight.
British Finance Minister Rachel Reeves and Foreign Secretary David Lammy issued a joint statement on Tuesday, making it clear that the government is ready to take the matter to court if needed. They expressed frustration that they haven’t yet reached an agreement with Abramovich on how the funds should be used.
“The government is determined to see the proceeds from the Chelsea sale help humanitarian causes in Ukraine, following Russia’s illegal invasion. We remain open to talks but are prepared to pursue legal action if necessary,” they said.
Abramovich, however, is pushing for more flexibility — wanting the money to help victims more broadly, not only those in Ukraine.
A representative for Abramovich in the UK hasn’t responded to requests for comment.
Under Abramovich’s ownership, Chelsea enjoyed its most successful era ever, winning multiple trophies before selling the club in May 2022 to a group led by US investor Todd Boehly.
For now, the billions remain frozen and tightly controlled by the UK government’s sanctions office, waiting for a resolution.
