Keir Starmer issυ esυ ltimatυm to oligarch Romaп Abramovich over £2.5bп Chelsea cash

Keir Starmer addressed the Chelsea sale on PMQs. (Image: BBC.)

Keir Starmer has delivered a stark ultimatum to former Chelsea owner Roman Abramovich, demanding he honour his pledge to transfer £2.5billion from the club’s sale to assist Ukraine. The UK government is preparing legal proceedings against the Russian oligarch should he fail to fulfil his commitment to donate the proceeds to the Ukrainian population.

Abramovich sold the football club in 2022 following sanctions imposed by the UK due to his purported connections to Vladimir Putin after the Ukraine invasion. The funds were earmarked for humanitarian purposes relating to the Ukraine conflict, yet they remain locked in a British bank account amid disputes between Abramovich’s legal representatives and the UK government.

Chancellor Rachel Reeves has today granted a licence permitting the transfer of the money to a newly established foundation for Ukrainian humanitarian assistance.

The billionaire has been cautioned that the government will pursue court action should he fail to uphold his pledge.

During PMQs, Starmer declared: “Today, Mr Speaker, I can announce that we’re issuing a licence to transfer £2.5bn from the sale of Chelsea Football Club that’s been frozen since 2022.

“My message to Abramovich is this – the clock is ticking. Honour the commitment that you made and pay up now. If you don’t, we’re prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.”

Roman Abramovich sold Chelsea in 2022. (Image: Getty Images)

Reeves said that it was “unacceptable that more than £2.5bn owed to the Ukrainian people can be allowed to remain frozen in a UK bank account. It’s time for Roman Abramovich to pay up. If he doesn’t act, then we are prepared to do what is necessary to make sure that money get to the Ukrainian people.”

The government pledged to establish a foundation to distribute the money, which will be headed by former head of UNICEF UK, Mike Penrose.

In June, Reeves and Foreign Secretary David Lammy said that they were “frustrated” by the failure to reach an agreement with Abramovich regarding the frozen proceeds.

They said: “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.

“While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”