Lawyers representing Russian billionaire Roman Abramovich have insisted that the £2.5 billion proceeds from the sale of Chelsea FC remain his property, blaming the UK government for delays in releasing the money pledged for victims of the Ukraine war.
According to The Independent, Abramovich’s legal team said the funds, which have remained frozen since the club was sold in 2022, still belong to Fordstam Limited, a company wholly owned by the Russian oligarch.
The lawyers stated that Abramovich had always intended to donate the proceeds to charitable causes related to the war in Ukraine but insisted the delay was caused by legal complications and actions by the UK government.
“Mr Abramovich has sought to advance the donation in accordance with the framework agreed at the time of the transaction,” the letter said, noting that the arrangement had earlier been approved by the UK authorities.
However, the lawyers criticised the government for issuing public statements and threatening legal action rather than resolving the legal hurdles preventing the transfer of the funds.
They emphasised that although the money is currently frozen under sanctions, it remains Abramovich’s property and any donation would be made voluntarily.
“If the UK government believes it has a legal basis to confiscate the funds, it is open to initiate formal confiscation proceedings, which will be contested in court,” the lawyers warned.
Reacting, UK Foreign Secretary Yvette Cooper said the money had been promised to Ukraine more than three years ago and should be released.
“It is time Roman Abramovich does the right thing, but if he won’t, we will act,” she said.
Prime Minister Keir Starmer had earlier warned the former Chelsea owner that legal action could be taken if the funds were not handed over to support victims of the war.
The dispute is part of broader efforts by Western governments to recover assets linked to Russian oligarchs following the invasion of Ukraine by Russia in 2022.
Abramovich, who made his fortune in Russia and once served as governor of the Chukotka region, sold Chelsea in May 2022 after being sanctioned by the UK government.
