Britain is set to transfer billions of Abramovich cash to Ukraine fund - Starmer
Kyiv • UNN
The United Kingdom will officially issue an order to transfer £2.5 billion from the sale of Chelsea FC for humanitarian purposes in Ukraine. Prime Minister Keir Starmer stated that this is Roman Abramovich's last chance to fulfill his obligations, otherwise legal action will be taken.
Great Britain will officially issue an order to transfer 2.5 billion pounds sterling (about 2.9 billion euros) from the sale of FC Chelsea by Roman Abramovich for humanitarian purposes in Ukraine, ordering the billionaire to allocate funds or face a lawsuit, The Guardian reports, writes UNN.
Details
The country's Prime Minister, Keir Starmer, told the House of Commons that the funds of the oligarch, who is under UK sanctions, will be converted into a new fund for Ukraine, and that issuing a license for the transfer is the last chance Abramovich will have to comply before legal action is taken.
Time is running out, and Roman Abramovich must fulfill the commitment he made when he sold FC Chelsea, and transfer 2.5 billion pounds sterling to a humanitarian cause for Ukraine. This government is ready to ensure this through the courts, so that every penny reaches those whose lives have been torn apart by Putin's illegal war.
The Russian billionaire sold Chelsea in 2022 under pressure from the British government after the Russian invasion of Ukraine.
Abramovich received a license from the UK government to sell Chelsea on the condition that the funds would be spent to support victims of the war in Ukraine. The proceeds were placed in a UK bank account controlled by Abramovich's company Fordstam, the publication writes.
Since then, the money has been frozen due to a stalemate in negotiations with Abramovich over whether it should be spent exclusively in Ukraine, or whether it can also be withdrawn outside the country.
The government has promised to create a fund to distribute the money, which will be headed by Mike Penrose, former head of UNICEF UK.
UK Chancellor of the Exchequer Rachel Reeves said that "it is unacceptable that over £2.5 billion belonging to the Ukrainian people remains frozen in a UK bank account. It is time for Roman Abramovich to pay. If he does not take action, then we are ready to do everything necessary to ensure the money reaches the Ukrainian people."
British ministers stressed that they had been trying for many years to agree on terms with Abramovich and obtain his cooperation in transferring the funds. Starmer said the government was ready to sue Abramovich to gain access to the money.
In March, The Guardian reported that British ministers believed that legal action would ultimately likely be needed. The country's government said it would consider "any offer" from Abramovich to voluntarily donate funds to Ukraine.
Under the terms of the license, the funds are to be used for humanitarian purposes in Ukraine, but future profits may be spent more broadly on victims of conflicts worldwide. The funds cannot be used for the benefit of Abramovich or other sanctioned individuals.