UK government still has not transferred US$3.1 billion from sale of Chelsea FC to Ukraine

The proceeds from the sale of Chelsea football club, which belonged to Roman Abramovich, the pro-Kremlin Russian oligarch, have been frozen in a bank account in the UK for two years.

Source:  The Guardian

Details: The Chelsea football club, owned by Abramovich, was sold back in 2022 for £2.5 billion (US$ 3.1 billion), with the agreement that the money would go to help victims of the war in Ukraine.

But by 2024, the UK government failed to reach an agreement with the former owner of Chelsea on how to use the proceeds. They are currently blocked in an account owned by Abramovich's Fordstam company.

People close to Abramovich reportedly claim that the agreement was that the money should go to "all victims of the conflict in Ukraine and its consequences", while ministers insisted that it should be spent exclusively on humanitarian purposes in Ukraine.

By the words "all victims of the conflict", Abramovich's representatives apparently meant the occupied territories controlled by Russia.

Members of the House of Lords’ European Affairs Committee called the inability of ministers of Rishi Sunak's government to spend the money on Ukraine "inexplicable" almost two years after the sale was agreed upon.

Reminder:

In May 2022, Abramovich sold Chelsea FC to an American consortium led by Todd Boehly.

In January 2023, it was reported that the UK government was close to transferring £2.3 billion of the proceeds from the sale of Chelsea FC to a fund for Ukraine, but it had to receive final approval from the EU.

In 2023, the wealth of Russia's richest oligarchs increased by US$38.575 billion.

Support UP or become our patron!