ROMAN Abramovich has been ordered to transfer £2.5 billion in frozen assets from the sale of Chelsea football club – or face court action.
Sir Keir Starmer said Britain will formally issue a licence for the transfer in a last-ditch bid for the oligarch to comply, with the money going to humanitarian causes in Ukraine. The Prime Minister told MPs: “I can announce that we’re issuing a license to transfer £2.5 billion from the sale of Chelsea Football Club, those funds have been frozen since 2022.
“My message to Abramovich is this, the clock is ticking. Honour the commitment that you made and pay up now, and if you don’t, we’re prepared to go to court.
“So every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
In a statement, he added: “This is a good day for justice and for the people of Ukraine. “For too long, £2.5 billion of Russian money has sat idle, frozen in a UK bank account. “That money is owed to the people of Ukraine – to help pay for the terrible cost of Russia’s aggression that mounts day by day.
“The licence issued today will enable these funds to be used to help the Ukrainian people – to buy vital humanitarian supplies, supporting those injured, bereaved and displaced by this horrendous war.
“Roman Abramovich promised over three years ago to donate this money to support the people of Ukraine, but hasn’t lifted a finger. “Now he has one last chance to do the right thing. If he fails to do so, we are prepared to move to enforce this commitment.
“I have met the victims of Russia’s aggression in Ukraine – innocent people who have lost loved ones or been bombed out of their homes; children who have endured suffering beyond belief.
“Putin targets civilians for a reason. He wants to subjugate Ukraine – to starve and freeze its people, to break their will.
“The British people instinctively abhor this senseless attempt to brutalise and bully a peaceful nation.
“We won’t stand for it. So we will continue to support with Ukraine. And we will use these assets to help the Ukrainian people.”
The Russian oligarch has been subject to on-going legal threats from the government following the sale of the club three years ago.
The money has been held in a UK bank account since the sale with the billionaire then sanctioned after the Ukraine invasion in 2022.
The decision on seizing the assets was confirmed by Sir Keir Starmer as he started the final Prime Minister’s Questions of the year.
Abramovich previously played a key role in the release of five British prisoners of war in Ukraine.
He welcomed them on a jet and gave the men iPhones so they could call their family members.
The development on assets comes after the money still belonged to the Russian but he could no longer access the funds.
Chancellor Rachel Reeves said: “It’s unacceptable that more than £2.5 billion of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account.
“It’s time for Roman Abramovich to pay up. If he doesn’t act then we are prepared to do what is necessary to make sure that money get to the Ukrainian people.”
Delays in getting hold of the cash had followed on from a disagreement between government lawyers and the Abramovich legal team.
During the summer, both Chancellor Rachel Reeves and then Foreign Secretary David Lammy issued a joint statement on directing the cash to Ukrainians affected by the war.
Mr Abramovich, who made his money from oil and gas, has previously said he wanted the money to go to “all victims” of the war.
He was originally sanctioned after allegedly benefiting from his close tied to Russian leader Vladimir Putin.
Ms Reeves and Mr Lammy said: “While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required.”
They added that they wanted “to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible”.
They said: “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 agreement on this with Mr Abramovich so far”.
It comes after a report by a House of Lords committee said it was “incomprehensible” that the businessman’s call for the funds to be used in Ukraine remained on hold.
They said: “This impasse reflects badly on both Mr Abramovich and the government, which ought to have pushed for a more binding commitment.”
Abramovich sold Chelsea in 2022 to Todd Boehly and Clearlake Capital. He bought the club in 2003 and helped deliver two Champions League victories, two League titles, an FA Cup and two League Cups.
Britain has frozen around £24 billion of Russian assets so far and the EU has frozen more than £150 billion.
