The UK government announced on Monday that it may pursue legal action against former Chelsea Football Club owner Roman Abramovich regarding the sale of the club. This comes amid an ongoing dispute over frozen funds amounting to £2.5 billion (approximately $3.9 billion).
Background
- The funds were frozen in a UK bank account due to sanctions imposed following Russia’s invasion of Ukraine in February 2022.
- Abramovich sold Chelsea for £2.5 billion in May 2022, but the proceeds remain inaccessible due to British sanctions.
Government’s Position
- The UK government aims to utilize these funds for humanitarian aid in Ukraine.
- Abramovich asserts that he intends to allocate the funds to all victims of the war, including Russians who have fled due to conflict and economic hardships caused by Western sanctions.
Chancellor Rachel Reeves and Foreign Secretary David Lammy stated, "We are willing to take legal action if necessary" regarding the release of the funds, which have been blocked since February 2022 under Britain’s Sanctions (Russia) Regulations 2014.
Regulatory Context
- The regulations froze assets owned or controlled directly or indirectly by Abramovich at the time of the sanctions.
- Chelsea was sold after being placed under special administration due to the sanctions against Russian oligarchs, including Abramovich, who had close ties to President Vladimir Putin.
Abramovich’s Trust and Sanctions
- Abramovich sold his stake in Chelsea FC through a trust called FCFP Ltd., which is also subject to British asset freezes.
- This trust is owned by Abramovich via another company, Millhouse Capital Ltd., which has been sanctioned since March 2022 as part of the UK’s response to the invasion.
Abramovich’s Previous Statements
While Abramovich has not publicly commented on his plans for the funds since the sale of Chelsea FC, he has previously indicated that he would donate any profits from the sale to humanitarian efforts in Ukraine, particularly for those affected by the conflict and economic challenges stemming from Western sanctions.
Note: Currency conversion rate used: $1 = £0.80.
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