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UK Threatens Legal Action Against Abramovich Over £2.5 Billion Frozen Chelsea Sale Proceeds Meant for Ukraine
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Britain has threatened legal action against Russian businessman Roman Abramovich over £2.5 billion ($3.4 billion) in frozen proceeds from his sale of Chelsea Football Club, funds he intended for victims of Russia’s war in Ukraine, according to Reuters on June 3.
Abramovich was sanctioned by the UK in response to Russia’s full-scale invasion of Ukraine in 2022, prompting a rushed sale of the Premier League club and freezing of the sale proceeds.
The UK government insists the funds be used exclusively for humanitarian aid in Ukraine, aligning with broader European efforts to hold Russia financially accountable for the devastation caused by the war. Abramovich, however, seeks greater flexibility to aid all victims.
In a rare joint statement on June 3, Finance Minister Rachel Reeves and Foreign Secretary David Lammy said the government is prepared to intensify efforts to secure the funds:
“The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion. We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far.”
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While negotiations remain open, the government said it is “fully prepared to pursue this through the courts if required.”
Abramovich’s legal representatives in Britain did not immediately respond to requests for comment. Reuters reported in March that the UK was considering legal action over the matter.
Under Abramovich’s ownership, Chelsea enjoyed its most successful era before the club was sold in May 2022 to a consortium led by US investor Todd Boehly and private equity firm Clearlake Capital.
The sale proceeds remain frozen in a UK bank account and cannot be accessed without permission from the Office of Financial Sanctions Implementation, the finance ministry agency responsible for enforcing sanctions.
Previously, it was reported that Russia’s wealthiest individuals have gained a combined $22.5 billion since the start of 2024, according to the Bloomberg Billionaires Index. The global ranking, which tracks the 500 richest people in the world, currently includes 22 Russians with a total net worth of $317.7 billion as of June 2.
