Proceeds from the €3 billion sale of British football club Chelsea, meant to aid war victims in Ukraine, remain frozen in the U.K. nearly three years after its Russian oligarch owner was forced to sell the club.
Roman Abramovich was forced to give up ownership after the U.K.’s Conservative government, under then-Prime Minister Boris Johnson, sanctioned him in 2022.
The sanctions were imposed following Moscow’s full-scale invasion of Ukraine the same year and stemmed from Abramovich’s alleged ties to Russian President Vladimir Putin.
The billionaire, who owned Chelsea for nearly 19 years, sold the club for £2.5 billion (€3.02 billion) and left Britain after being sanctioned.
Abramovich, who holds Israeli, Russian, and Portuguese citizenship, is now reported to split his time between Russia, Israel, Turkey.
Despite the sale, the U.K. Foreign Office has confirmed that the funds remain frozen in a bank account.
A spokesperson from the Foreign, Commonwealth & Development Office said on Monday: “This government is working hard to ensure the proceeds from the sale of Chelsea FC reach humanitarian causes in Ukraine as quickly as possible.
“The proceeds are currently frozen in a U.K. bank account while a new independent foundation is established to manage and distribute the money.”
The spokesperson added: “U.K. officials continue to hold discussions with Mr Abramovich’s representatives, experts and international partners, and we will double down on our efforts to reach a resolution.”
Britain maintains that the funds can only be used for humanitarian aid in Ukraine, a stance that has remained unchanged since Keir Starmer’s Labour Party took over from the Conservatives in 2024.
Abramovich, however, has expressed his desire for the money to assist “all victims of the war,” which could result in some funds going to Russia, the aggressor.
The Charity Commission, a state body responsible for regulating charities in England and Wales, has said that it has not yet received an application to establish a foundation to distribute the funds.
The British government recently announced a €2.73 billion loan agreement for Ukraine, backed by profits from frozen Russian assets in the EU. However, these funds are separate from the Chelsea sale proceeds, which remain in limbo.
The sanctions were imposed following Moscow’s full-scale invasion of Ukraine the same year and stemmed from Abramovich’s alleged ties to Russian President Vladimir Putin.
The billionaire, who owned Chelsea for nearly 19 years, sold the club for £2.5 billion (€3.02 billion) and left Britain after being sanctioned.
Abramovich, who holds Israeli, Russian, and Portuguese citizenship, is now reported to split his time between Russia, Israel, Turkey.
Despite the sale, the U.K. Foreign Office has confirmed that the funds remain frozen in a bank account.
A spokesperson from the Foreign, Commonwealth & Development Office said on Monday: “This government is working hard to ensure the proceeds from the sale of Chelsea FC reach humanitarian causes in Ukraine as quickly as possible.
“The proceeds are currently frozen in a U.K. bank account while a new independent foundation is established to manage and distribute the money.”
The spokesperson added: “U.K. officials continue to hold discussions with Mr Abramovich’s representatives, experts and international partners, and we will double down on our efforts to reach a resolution.”
Britain maintains that the funds can only be used for humanitarian aid in Ukraine, a stance that has remained unchanged since Keir Starmer’s Labour Party took over from the Conservatives in 2024.
Abramovich, however, has expressed his desire for the money to assist “all victims of the war,” which could result in some funds going to Russia, the aggressor.
The Charity Commission, a state body responsible for regulating charities in England and Wales, has said that it has not yet received an application to establish a foundation to distribute the funds.
The British government recently announced a €2.73 billion loan agreement for Ukraine, backed by profits from frozen Russian assets in the EU. However, these funds are separate from the Chelsea sale proceeds, which remain in limbo.
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