The United Kingdom has issued a final warning to Russian billionaire Roman Abramovich, giving him 90 days to transfer £2.5 billion ($3.33 billion) from the sale of Chelsea Football Club to support victims of Russia’s war in Ukraine — or face potential legal action.

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Background: Sanctions and Chelsea Sale

Abramovich, formerly the owner of the Premier League club Chelsea, sold the team in May 2022 to a consortium led by US investor Todd Boehly and private equity firm Clearlake Capital. The sale was rushed following UK sanctions imposed on Abramovich as part of a crackdown on Russian oligarchs in response to Moscow’s 2022 invasion of Ukraine.

The proceeds from the sale remain frozen in a UK bank account and cannot be accessed or used without approval from the Office of Financial Sanctions Implementation (OFSI), the agency responsible for enforcing financial sanctions.

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UK Government Demands Funds for Humanitarian Aid

The UK government has clarified that the funds must be used solely for humanitarian purposes in Ukraine, aligning with a broader European effort to ensure Russia bears financial responsibility for the destruction caused by its invasion.

Finance Minister Rachel Reeves stated:

“It’s unacceptable that more than £2.5 billion [$3.33 bn] of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account.”

The UK has issued a new licence enabling Abramovich to transfer the funds to a charitable foundation specifically set up to aid Ukrainian civilians.

Prime Minister Keir Starmer confirmed that the government will consider any proposals from Abramovich that use this legal route to ensure the funds reach their intended purpose.

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Legal Consequences If Funds Are Not Released

Should Abramovich fail to act within the 90-day period, the UK government has signaled it is prepared to take legal action to enforce the 2022 agreement regarding the frozen proceeds. This could include court proceedings to compel the billionaire to release the funds.

Abramovich has previously requested flexibility, expressing a desire for the money to benefit all victims, not only those in Ukraine. However, under the new licence, the funds must be directed exclusively to humanitarian aid within Ukraine.

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Broader European Context

The UK’s actions come amid wider discussions in the European Union on using frozen Russian assets to support Ukraine’s budget and defence needs. EU leaders are scheduled to review proposals aimed at redirecting immobilised Russian sovereign and private funds toward relief efforts, despite strong opposition from Moscow.

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Abramovich’s Legacy with Chelsea

Under Abramovich’s ownership, Chelsea FC experienced its most successful period, winning multiple domestic league titles, FA Cups, and the UEFA Champions League. The 2022 sale marked the end of a historic era for the club.

With the funds frozen, Abramovich cannot access or allocate any of the sale proceeds without approval from OFSI. The new licence provides a legal pathway for the billionaire to comply with UK requirements and support humanitarian efforts in Ukraine.

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Key Takeaways

• UK government gives Roman Abramovich 90 days to transfer £2.5bn from Chelsea sale to aid Ukraine.
• Funds frozen under UK sanctions imposed after Russia’s 2022 invasion of Ukraine.
• Proceeds must be used solely for humanitarian purposes in Ukraine.
• Failure to act may result in legal action by the UK government.
• The move aligns with wider EU efforts to repurpose frozen Russian assets for Ukraine relief.