The British government has delivered a final ultimatum to sanctioned Russian billionaire Roman Abramovich, demanding the transfer of £2.5 billion from the 2022 sale of Chelsea Football Club to a humanitarian fund for Ukraine.
Prime Minister Keir Starmer announced in Parliament that a new licence has been issued, giving Abramovich a 90-day window to establish a foundation and arrange the transfer of the frozen funds. Failure to comply, the government stated, will result in immediate court action to seize the money.
The substantial sum, proceeds from the forced sale of the London football club following Russia’s invasion of Ukraine, has been held in a UK bank account for years. A stalemate had persisted over the terms of its use, with Abramovich reportedly insisting that aid should benefit “all victims of the war,” including Russians, while the UK government insists it must be dedicated exclusively to humanitarian efforts within Ukraine.
Chancellor Rachel Reeves condemned the ongoing delay, stating it was “unacceptable” for the funds owed to the Ukrainian people to remain frozen. The government emphasized that years of attempts to negotiate a voluntary agreement had been exhausted, leaving legal enforcement as the necessary next step.
This decisive move coincides with heightened international efforts to secure financial support for Kyiv. European Union leaders are preparing for a summit where a major proposal is on the table: using profits from frozen Russian state assets to secure a €90 billion loan for Ukraine. Separately, diplomatic talks continue on potential frameworks for a future peace deal.
The licence stipulates that the £2.5 billion must be used for humanitarian purposes in Ukraine. However, provisions allow for any future investment gains from the fund to be directed more broadly to victims of conflict worldwide. The terms explicitly bar Abramovich or any other sanctioned individuals from benefiting.
With the 90-day countdown now initiated, the pressure is squarely on the oligarch to act or face a high-stakes legal battle with the UK state.