Overview
- The OFSI licence permits transfer of the frozen proceeds once a compliant foundation is set up, limiting spending to humanitarian aid in Ukraine and barring any benefit to sanctioned individuals.
- Prime Minister Keir Starmer issued a final warning, saying the government will go to court to enforce the 2022 commitment if Abramovich does not act.
- Downing Street says Abramovich has 90 days to establish the foundation and complete the transfer in line with the licence terms.
- Talks stalled because Abramovich sought to aid “all victims” of the war, while ministers insist the money be spent only in Ukraine.
- The funds have been frozen in a UK account controlled by Fordstam since 2022, and officials say all required authorizations are now in place following coordination with international partners.