Abramovich blocks transfer of funds from Chelsea sale to Ukraine – The Times
29 December 10:56
The former owner of Chelsea Football Club Roman Abramovich refused to transfer to Ukraine the funds received from the sale of the London club in 2022. This is reported by The Times, "Komersant Ukrainian" informs
We are talking about the amount of £2.3-2.5 billion that was raised from the sale of Chelsea to a consortium of investors and still remains frozen in UK accounts due to sanctions imposed on Abramovich after Russia’s full-scale invasion of Ukraine.
According to the publication, since 2022, more than 5.3 billion pounds associated with Roman Abramovich have been under arrest on the island of Jersey. This refers to the funds received from the sale of the Chelsea football club in London, which have been the subject of a complex and lengthy legal battle.
Abramovich’s representatives stated that 1.4 billion pounds out of the 2.35 billion pounds received from the sale of Chelsea cannot be allocated to the charity until the Jersey government stops the investigation and legal action.
Ultimatum from the UK government
British Prime Minister Keir Starmer insists that all proceeds from the sale of the club should be used for humanitarian aid to Ukraine. According to him, the government has already issued a special license allowing such a transfer and is ready to use judicial mechanisms to enforce this decision.
London believes that, given the sanctions regime and the circumstances of the club’s sale, the funds should be used exclusively in the interests of Ukraine.
Abramovich’s position and preparations for the trial
At the same time, Roman Abramovich rejected the demands of the British authorities. According to The Times, the businessman is preparing for a legal battle by engaging a team of leading lawyers.
Abramovich’s legal team now includes Lord Wolfson QC, the shadow attorney general of the House of Lords, and Eric Hershmann. The latter was a senior legal adviser to White House Chief of Staff Donald Trump during his first term in office.
Four other senior attorneys are part of Abramovich’s legal team: Howard Sharp, former attorney general of Jersey; Maya Lester, a senior human rights attorney who has worked on many sanctions cases; Richard Lissack, an attorney with experience in financial matters; and Andrew Stafford, an expert in international financial matters.
Abramovich has also reportedly obtained a court order to reimburse part of his legal fees from the Jersey government. The expected amount is about 2.5 million pounds.
Objections from London and the EU
This approach is strongly opposed by the UK government and the European Union. London insists that the proceeds from the sale of Chelsea should be used exclusively to support Ukraine, which has suffered large-scale destruction and humanitarian losses due to the war.
The British authorities continue to exert political and legal pressure on Abramovich, not ruling out a trial that could become a precedent in the use of assets of persons under sanctions.
What is known about the sale of Chelsea
Russian oligarch Roman Abramovich purchased Chelsea Football Club in the summer of 2003, but in 2022, after Russia’s attack on Ukraine, he was removed from the board because of sanctions and ties to Kremlin leader Vladimir Putin.
The billionaire announced the sale of Chelsea in early March 2022 and sold the football club in May for $5.4 billion. He proposed to create a charitable foundation, all net proceeds from which would be donated to the victims of the war in Ukraine.
Abramovich received a license from the British government to sell Chelsea on the condition that the funds would be spent to support the victims of the war in Ukraine.
Currently, the proceeds from the sale of the club are frozen in the bank account of Fordstam Ltd, the former parent company of Chelsea, which is owned by Abramovich.
