Britain gives Abramovich 90 days to transfer £2.5bn to help Ukraine
The UK government has issued a final ultimatum to Russian oligarch Roman Abramovich regarding the £2.5bn received from the sale of Chelsea football club. Prime Minister Keir Starmer said that the businessman must agree to transfer the money to a special humanitarian fund for Ukraine within 90 days, otherwise the government will go to court. This was reported by The Public with reference to The Guardian.
According to Starmer, the funds should be used exclusively to help victims of the war in Ukraine. The relevant transfer licence has already been issued, and this is the last opportunity for Abramovich to fulfil the conditions agreed in 2022 after the sale of the club amid sanctions against him.
£2.5bn is still held in a British bank account controlled by Abramovich's Fordstam company. The negotiations reached an impasse due to the oligarch's position that the funds could also be used to help Russians affected by the war. The British government rejected this.
Chancellor of the Exchequer Rachel Reeves said it was unacceptable that billions of pounds intended for Ukrainians remained frozen. She emphasised that if Abramovich does not act, the government will use all legal mechanisms to ensure that the money reaches Ukraine.
London's decision came on the eve of the EU summit, which will discuss the use of frozen Russian assets. Brussels has about €185bn of such funds, of which the EU is considering a €90bn loan to Ukraine.
