UK PM moves to transfer GBP2.5b of Roman Abramovich cash to Ukraine fund
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The news: UK Prime Minister Keir Starmer has issued a licence to transfer GBP2.5 billion ($5.04 billion) of frozen assets from Russian billionaire Roman Abramovich’s sale of Chelsea Football Club, to Ukraine.
The context: During the Prime Minister’s question time on Wednesday, Starmer warned the oligarch and former club owner that the government is prepared to take him to court if he fails to commit the funds.
“My message to Abramovich is…the clock is ticking, honour the commitment you made and pay up now.”
“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,” Starmer said.
The UK government wants the money to be used for Ukrainian humanitarian aid, but Abramovich has said he wants it to go to "all victims of the war in Ukraine".
The UK government first threatened to sue Abramovich over the sale’s proceeds in June.
In 2022 Abramovich was forced to sell the football club in 2022 after Russia launched a full-scale invasion of Ukraine. The proceeds of the sale have remained frozen in the UK since then after the government imposed sanctions on Abramovich over his links to Russian President Vladimir Putin.
The sources: FT, BBC, The Guardian, The Independent
