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UK Government Threatens Court Action to Release Abramovich’s £2.5bn Chelsea Sale Proceeds

Negotiations over whether the funds should benefit Ukrainians exclusively or all war victims have stalled, prompting ministers to pursue legal recourse

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Abramovich promised the funds would be used for humanitarian causes only (Photo: Getty)
Roman Abramovich, who was at the time the owner of Chelsea soccer club, arrives for the Champion's League semi-final second leg soccer match against Atletico Madrid at Stamford Bridge in London April 30, 2014. REUTERS/Toby Melville/File Photo
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Overview

  • Chancellor Rachel Reeves and Foreign Secretary David Lammy issued a joint statement saying they are fully prepared to take Roman Abramovich to court if he does not agree to the government’s terms for the frozen proceeds.
  • The £2.5 billion from Abramovich’s 2022 sale of Chelsea remains frozen in a UK bank account and cannot be distributed without a licence from the Office of Financial Sanctions Implementation.
  • Ministers insist the money be used solely for humanitarian relief in Ukraine, while Abramovich has called for a broader foundation to aid all victims of the conflict, including those in Russia.
  • Abramovich sold Chelsea under a special OFSI licence barring him from profiting, yet retains legal control of the proceeds, which have accrued interest over three years of impasse.
  • Legal experts warn there may be no clear authority for the government to compel the transfer of sanctioned assets, highlighting the complexity of seizing oligarchs’ frozen funds.