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The UK Government is threatening legal action against Roman Abramovich over £2.5 billion from the sale of Chelsea FC that remains frozen in a UK bank account. The money has been held since May 2022 after Abramovich was sanctioned following Russia’s invasion of Ukraine.
According to PA, Chancellor Rachel Reeves and Foreign Secretary David Lammy expressed frustration about the failure to reach an agreement with Abramovich. They want the funds to support humanitarian aid for people affected by the war in Ukraine.
“The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion,” the officials said.
The funds cannot be accessed without a licence from the Office of Financial Sanctions Implementation. The government has left open the possibility of negotiations but stated it is prepared to take the matter to court to ensure the money is put to use quickly.
The sale of Chelsea Football Club was finalized in May 2022, but the proceeds remain frozen due to sanctions on Abramovich. The government seeks to release the funds to aid victims of the conflict, which continues to affect millions.
This article was updated 4 weeks ago