Roman Abramovich warns UK Govt: ‘£2.5bn Chelsea sale money still mine’

By Tolulope Oke

Lawyers for Russian billionaire Roman Abramovich have insisted that the £2.5 billion proceeds from the sale of Chelsea FC still belong to him, warning the British government that he will challenge any attempt to seize the funds.

The money, generated from the club’s sale in 2022 after sanctions were imposed on Abramovich following Russia’s invasion of Ukraine, has remained frozen in a UK bank account.

According to The Independent,  Abramovich’s lawyers blamed the government of Keir Starmer for delaying the release of the funds, which the oligarch previously pledged to donate to victims of the war in Ukraine.

The lawyers from Kobre & Kim, Abramovich had agreed to donate the proceeds voluntarily and remains committed to doing so once the legal issues surrounding the assets are resolved.

“The funds, although currently frozen, remain the property of Fordstam Limited, which is wholly owned by Mr Abramovich,” the lawyers said.

They added that any donation would be made voluntarily, warning that if the UK government attempts to confiscate the money, Abramovich will contest the move in court.

The dispute comes as the British government pushes to redirect the money to help rebuild Ukraine after Russia’s invasion.

UK Foreign Secretary Yvette Cooper reacted angrily to the letter, saying Abramovich should honour his earlier commitment.

“This money was promised to Ukraine over three years ago,” Cooper said. “It is time Roman Abramovich does the right thing. If he won’t, we will act.”

Prime Minister Starmer had earlier issued a warning to the former Chelsea owner in December, telling Parliament: “My message to Abramovich is clear: the clock is ticking.”

British authorities are seeking to ensure the funds are used to support victims of the war and help rebuild Ukraine following the devastation caused by Russia’s invasion.

However, Abramovich’s representatives argue that the delay stems from complex legal issues, including an ongoing investigation in Jersey into the origin of his wealth and frozen assets linked to trusts associated with him.

In April 2022, the Royal Court of Jersey froze about $7 billion worth of assets connected to the billionaire as part of a criminal investigation.