US EditionUK Issues License to Hand £2.5 Billion From Abramovich’s Chelsea Sale to Ukraine
UK government issues a licence to transfer £2.5 billion from Abramovich’s Chelsea sale exclusively to humanitarian causes in Ukraine, warning of legal action if funds are misused.
- On Wednesday, Starmer announced that ministers are issuing a licence to transfer 2.5 billion from Chelsea's sale into a new foundation for Ukraine, urging Abramovich to honor his pledge.
- Abramovich sold Chelsea in 2022 after UK sanctions tied to his alleged links to Vladimir Putin, but the proceeds pledged for humanitarian aid remain frozen in a UK bank amid lawyer-minister disputes.
- Chancellor Rachel Reeves today authorised a licence requiring proceeds to fund humanitarian causes in Ukraine, allowing future gains to aid global conflict victims, while the Treasury will consider any voluntary proposal from Abramovich.
- The government warned it will pursue legal proceedings if Roman Abramovich does not fulfil his commitment, with Sir Keir Starmer cautioning on Wednesday that the 'clock is ticking'.
- The move positions the UK within wider efforts to unlock around £210billion in seized Russian assets, with UK ministers saying the licence aims to rebuild lives and support victims of Putin's illegal war.
128 Articles
128 Articles
The businessman has to transfer billions to Ukraine.
The transfer can only be effected through a foundation approved specifically for this purpose.
The former owner of Chelsea Roman Abramovich is to transfer proceeds from the club sale for humanitarian aid in Ukraine. As this has not happened so far, the British Prime Minister Starmer increases the pressure. He warns the oligarch: »The clock ticks«.
The funds are frozen in a British bank account. The dispute concerns exactly how the funds should be used.
The Russian oligarch previously said that he intended the billions of euros for the victims of the war, but he did not say at the time that he was thinking more of the Russians affected.
Russia ‘should pay’ for damage to Ukraine – foreign secretary
The government here says it’s giving Roman Abramovich a final chance to honour his commitment to give Ukraine the 2.5 billion pounds he made from selling Chelsea or face legal action. Britain wants the money to be spent only on humanitarian causes in Ukraine. Now the Russian oligarch has 90 days to hand over the frozen funds. We spoke to Foreign Secretary Yvette Cooper earlier, who says Mr Abramovich has already had plenty of time to comply.
Coverage Details
Bias Distribution
- 46% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
