House of Lords calls on UK government to speed up transfer of 2.5 billion pounds from Abramovich's sale of Chelsea to Ukraine

The House of Lords of the United Kingdom calls on the government to speed up the transfer of 2.5 billion pounds of Russian oligarch Roman Abramovich's money, which was frozen in a bank account from the sale of the Chelsea football club, to Ukraine. This was reported by the Guardian and UNN.

Details

According to the newspaper, a House of Lords committee in a report criticized the British government for failing to reach an agreement with former Chelsea owner Roman Abramovich on the transfer of 2.5 billion pounds from the football club to Ukraine.

"We call on the government to use all available legal levers to break the deadlock quickly so that Ukraine can receive the much needed, promised and long overdue aid," said the member of the House of Lords European Affairs Committee.

The Chamber emphasizes that it does not understand why the ministers have not yet sent the money to Ukraine almost two years after the sale of the club was agreed upon.

It is noted that the UK government allowed Abramovich to sell Chelsea in 2022 on the condition that the money would be spent to help victims of the war in Ukraine.

"However, the money remains blocked in a bank account in the UK due to a dispute between Abramovich and the government over how the money can be spent," the publication adds.

In turn, the country's Foreign Ministry stated that the proceeds from the sale of the club remain frozen in a UK bank account while independent experts create a fund to manage and distribute the money.

Recall

On May 31, 2022, Russian billionaire Abramovich sold the club to Chelsea for 4.25 billion pounds. The rights to ownership of the club were transferred to the American Todd Boley.

In June 2023, it was reported that Abramovich refused to sign an agreement on the transfer of funds from the sale of the football club to Kyiv.