UK PM Warns Roman Abramovich to Release Frozen Chelsea Sale Funds

British Prime Minister Keir Starmer has issued a firm warning to former Chelsea Football Club owner Roman Abramovich, urging him to release the £2.5 billion frozen from the sale of the Premier League club, with the UK government prepared to take legal action if necessary.

Speaking in Parliament on Wednesday, Starmer said the funds must be transferred without further delay to support victims of Russia’s war in Ukraine. “Honour the commitment you made and pay up now,” the Prime Minister told lawmakers, adding that the government is ready to approach the courts to ensure the money reaches those affected by what he described as President Vladimir Putin’s illegal war.

Funds Frozen Since 2022

The £2.5 billion, generated from the May 2022 sale of Chelsea FC, has remained frozen in a UK bank account since Abramovich was sanctioned following Russia’s invasion of Ukraine. While the funds legally still belong to Abramovich, they cannot be moved without a licence from the Office of Financial Sanctions Implementation (OFSI).

Starmer announced that the government has now decided to issue such a licence. “I can announce that we’re issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that’s been frozen since 2022,” he said in Parliament.

However, the Prime Minister made it clear that time is running out for Abramovich to cooperate voluntarily. “My message to Abramovich is this: the clock is ticking,” Starmer said.

Dispute Over Use of Funds

The UK government has insisted that the money be used strictly for humanitarian assistance in Ukraine, while Abramovich has argued that the funds should benefit all victims of the conflict, including those in Russia. This disagreement has stalled the transfer for more than two years.

Ministers had earlier expressed frustration over the lack of progress, saying negotiations with Abramovich had failed to reach an agreement on the final destination of the funds.

Chelsea Sale and Abramovich’s Legacy

Chelsea was sold to a consortium led by US businessman Todd Boehly after Abramovich was forced to step away from the club due to sanctions. Abramovich, a Russian-Israeli billionaire, bought Chelsea in 2003 and oversaw the most successful era in the club’s history.

Under his ownership, Chelsea won two Champions League titles, five Premier League trophies, five FA Cups, two Europa League titles and the Club World Cup.

With the UK government now moving ahead with licensing and legal options, the long-delayed transfer of the Chelsea sale proceeds appears to be entering a decisive phase.