UK to transfer €2.8bn of Abramovich’s Chelsea cash to Ukraine fund, PM Starmer says
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The UK has authorised the release of €2.8 billion from Roman Abramovich’s sale of Chelsea FC, but only for humanitarian aid in Ukraine, Prime Minister Keir Starmer told Parliament on Wednesday.
The funds have been frozen since Abramovich was forced to sell the club in 2022 following UK sanctions on Russian oligarchs after Moscow’s invasion of Ukraine. Starmer said the government had issued a licence allowing the money to be transferred, warning Abramovich he could face court action if he fails to comply.
“The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold,” Starmer said, adding that the government was prepared to enforce the transfer through the courts.
Under the licence, the proceeds must go to humanitarian causes in Ukraine, though any future gains could support victims of conflict elsewhere. None of the funds can benefit Abramovich or other sanctioned individuals.
Chancellor Rachel Reeves said it was unacceptable for billions “owed to the Ukrainian people” to remain frozen. The government will set up a foundation to distribute the money, led by former UNICEF UK chief Mike Penrose.
