UK Prime Minister Keir Starmer issued a strong ultimatum to Russian oligarch Roman Abramovich during Prime Minister’s Questions in the House of Commons, demanding that he honor his 2022 commitment to donate the approximately £2.5 billion proceeds from the sale of Chelsea Football Club to humanitarian causes supporting victims of Russia’s war in Ukraine.
Starmer warned that “the clock is ticking” for Abramovich to transfer the funds voluntarily, stating directly: “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.
“The funds have remained frozen in a UK bank account since Abramovich was sanctioned in 2022 following Russia’s full-scale invasion of Ukraine, due to his alleged close ties to Vladimir Putin.
At the time of the forced sale to a consortium led by Todd Boehly and Clearlake Capital, Abramovich publicly pledged the net proceeds would benefit “all victims of the war in Ukraine.”
However, negotiations stalled because Abramovich sought broader distribution, potentially including aid to Russian victims or causes outside Ukraine, while the UK government insists the money must primarily support humanitarian efforts exclusively within Ukraine.
To break the impasse, the UK Treasury, under Chancellor Rachel Reeves, issued a new licence on the same day permitting the transfer of the funds to a newly established charitable foundation dedicated to Ukrainian aid. Reeves described the ongoing freeze as “unacceptable,” emphasizing that the government is prepared to pursue legal action if Abramovich does not comply within the licence’s terms, reportedly giving him around 90 days to act.
The licence allows principal proceeds to go toward Ukraine-specific humanitarian needs, with any future investment gains potentially usable more broadly for global conflict victims, but none can benefit Abramovich or other sanctioned individuals.
This development represents a significant escalation in the UK government’s efforts to redirect sanctioned Russian-linked assets to support Ukraine, aligning with broader international discussions on using frozen Russian funds for reconstruction and aid amid the ongoing conflict.