Starmer Urges Abramovich to Redirect £2.5bn from Chelsea Sale to Aid Ukraine

Sir Keir Starmer has urged Roman Abramovich to redirect the £2.5 billion proceeds from the sale of Chelsea FC to support Ukraine, warning of potential legal action if he fails to comply. In a statement made during Prime Minister’s Questions, Starmer emphasized the urgency of the matter, declaring that the “clock is ticking.” He called on Abramovich to honor his commitment to aid the people affected by the ongoing conflict.

Abramovich’s Sale and Government Response

Abramovich sold Chelsea FC in May 2022 following sanctions imposed in response to Russia’s invasion of Ukraine. The oligarch pledged to donate the proceeds to Ukrainian humanitarian efforts, but the funds have remained frozen due to a lack of agreement with the UK government.

The government has now issued a licence permitting the transfer of the sale proceeds to a new foundation dedicated to humanitarian causes in Ukraine. This move is intended to pressure Abramovich into fulfilling his promise before the government resorts to legal proceedings.

Government Officials Express Frustration

During recent discussions, Chancellor Rachel Reeves and former Foreign Secretary David Lammy expressed their frustration over the ongoing delay. Reeves described it as “unacceptable” that the funds continue to be held in a UK bank, emphasizing the government’s readiness to take necessary actions to ensure the money reaches its intended destination.

Details of the Licence Issued

• The £2.5 billion must be allocated to humanitarian initiatives in Ukraine.
• Future gains from the proceeds can be utilized for global conflict victims.
• The government remains open to proposals from Abramovich regarding voluntary transfers.

Call to Action

Foreign Secretary Yvette Cooper reiterated the need for Abramovich to act promptly, stating, “This money was promised to Ukraine over three years ago.” She underscored that it is time for him to fulfill his pledge or face governmental intervention.

This latest development underscores the ongoing efforts to hold Abramovich accountable for his commitments amid the humanitarian crisis in Ukraine resulting from the war initiated by Russia.