Russian Billionaire Abramovich Seeks Frozen Chelsea Funds to Support Wounded Russian Soldiers and go

Sanctioned Russian billionaire Roman Abramovich wants part of the billions generated from the sale of Chelsea Football Club to be used to support all victims of the war in Ukraine.

This includes wounded Russian soldiers, The New York Times (NYT) reported on March 9.

At the center of the ongoing standoff is £2.35 billion ($3.14 billion) from the 2022 sale of the London club. The massive sum remains locked in a UK bank account held by Fordstam Ltd, a holding company entirely owned by the sanctioned oligarch.

The British government has insisted the money must be used for humanitarian aid for Ukraine, while Abramovich’s legal team says the funds legally remain his property and that he has the right to decide how they are distributed.

Roman Abramovich accumulated his fortune during Russia’s 1990s privatization, most notably acquiring the state oil giant Sibneft for just $100 million via the controversial “loans-for-shares” program. He later cashed out by selling his stake back to the state-owned Gazprom for a staggering $13 billion in 2005. At his financial peak, Abramovich was ranked as the 53rd richest person in the world by Forbes, The Guardian reported.

Western authorities maintain that this wealth was built on deep-rooted Kremlin ties, making him a central figure in the web of Russian oligarchs connected to Russian leader Vladimir Putin.

Since Russia’s full-scale invasion of Ukraine in 2022, Abramovich has tried to rebrand as a “neutral” mediator, participating in early peace talks. However, his “peacemaker” role is widely viewed by Western officials as a strategic move to dodge sanctions. By now demanding that Chelsea sale proceeds—originally promised to Ukraine—also benefit wounded Russian soldiers, he has effectively abandoned his neutral facade and aligned himself against British humanitarian mandates.

In a letter to UK authorities, Abramovich’s lawyers said he remains committed to donating the proceeds to charity but wants the money to benefit all victims of the war, not only Ukrainians. According to the correspondence, his proposal includes aid for injured Russian soldiers as well as other humanitarian causes outside Ukraine.

“The funds—although currently frozen—remain the property of Fordstam Limited, which is wholly owned by Mr Abramovich,” the letter said, adding that any donation must be voluntary and cannot be imposed by the government.

The dispute dates back to May 2022, when Abramovich was forced to sell Chelsea after being sanctioned by the UK following Russia’s full-scale invasion of Ukraine. At the time, he announced that all net proceeds from the sale would be donated to help Ukrainian victims of the war, NYT wrote.

Since then, the UK government has pushed for the money to be transferred to a new foundation dedicated to humanitarian aid for Ukraine. Prime Minister Keir Starmer previously warned that the government was prepared to go to court to ensure the funds are used for that purpose, saying that “every penny” should go to people whose lives were destroyed by the war.

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Abramovich’s lawyers accused the government of trying to treat the donation as a punitive measure and said officials had no legal basis to threaten litigation or unilaterally decide how the funds should be spent.

British officials have rejected that argument. Foreign Secretary Yvette Cooper said the money had been promised for Ukraine more than three years ago and should finally be released.

“This money was promised to Ukraine over three years ago. It is time Roman Abramovich does the right thing, but if he won’t we will act,” she said in a statement, according to NYT.

The situation is further complicated by financial and legal questions surrounding the funds. Company accounts show that £1.4 billion ($1.87 billion) of the total is linked to loans Abramovich made to Chelsea during his ownership, and part of the money is also subject to an ongoing investigation in Jersey into the origin of his assets.

Until those issues are resolved, the full amount cannot be transferred to any charitable foundation, prolonging a dispute that has left the proceeds from one of the biggest football club sales in history frozen for more than three years.

Abramovich’s latest demand is part of a protracted legal battle that has paralyzed the Chelsea sale funds since 2022. British officials have repeatedly warned the sanctioned oligarch that they are willing to take him to court if he refuses to release the money exclusively for Ukraine.

The UK government had previously issued a strict ultimatum to Abramovich, demanding he transfer the funds to a humanitarian foundation or face aggressive legal action. Despite these threats, Abramovich continues to use legal loopholes—and now, demands to include Russian soldiers—to keep the massive payout locked down.

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