Britain is prepared to take legal action against former Chelsea owner Roman Abramovich to seize £2.5bn he made from the sale of the club and hand it to Ukraine, Sir Keir Starmer said today.
The Prime Minister told the Commons he was giving the Russian oligarch a last chance to voluntarily transfer the money to humanitarian causes in Ukraine, as agreed when he sold the west London club three years ago.
If he fails to do so the government will go to court and seize it anyway, and has issued a licence for it to happen.
Responding to a question from Labour MP Jessica Morden asking for an update on Government support for Ukraine during Prime Minister’s Questions, Sir Keir said:
‘My message to Abramovich is this: the clock is ticking, honour the commitment that you made and pay up now, and 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.’
Mr Abramovich sold the club in May 2022 after he was sanctioned following Vladimir Putin’s invasion earlier that year.
The oligarch had pledged to donate the proceeds from the sale to the people of Ukraine, but he has so far failed to reach an agreement with the Government on a way forward and the funds remain frozen.
The decision to grant a licence for the transfer is an effort to force Mr Abramovich to fulfil his promise before the Government resorts to legal action.
Under the new licence, the proceeds must go to humanitarian causes in Ukraine, while any future gains can be spent more broadly on victims of conflict around the world.
The Government previously raised the possibility of legal action in June, when Chancellor Rachel Reeves and then-foreign secretary David Lammy said they were “frustrated” by the failure to reach an agreement with Mr Abramovich.
On Wednesday, Ms Reeves said it was “unacceptable” that the money remained frozen in a UK bank and said ministers were “prepared to do what is necessary” to ensure the funds reach Ukraine.
The Treasury said ministers would consider any proposal from Mr Abramovich to voluntarily transfer the money to Ukraine.
Under the new licence, the proceeds must go to humanitarian causes in Ukraine, while any future gains can be spent more broadly on victims of conflict around the world.
