Chelsea: Funds from Roman Abramovich sale earmarked for victims of Ukraine war remain frozen
- Published
Roman Abramovich bought Chelsea in 2003
Funds from Roman Abramovich's sale of Chelsea which were supposed to go to victims of the war in Ukraine have still not been released 18 months on.
An official said a "disagreement" over how to use the funds is delaying the release of £2.5bn from the deal.
They would not comment on whether Abramovich was behind the delay.
"We wouldn't want to speculate," Daniel Drake, deputy director of the sanctions taskforce in the Foreign, Commonwealth and Development Office, said.
"I think there's a disagreement between those involved in running this fund and the government."
Chelsea's £4.25bn sale to a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital was completed in May 2022.
Abramovich said the proceeds would be used "for the benefit of all victims of the war in Ukraine" when announcing his decision to sell in March 2022, a month after Russia's invasion of Ukraine.
However, the UK government is refusing to release the proceeds unless it is guaranteed that the money only goes to Ukrainians in Ukraine, not elsewhere.
"The proceeds from the sale are frozen in a UK bank account," Europe Minister Leo Docherty told the House of Lords European Affairs Committee on Tuesday.
Russian billionaire Abramovich bought Chelsea for £140m in 2003.
He was sanctioned by the UK government as part of its response to Russia's invasion of Ukraine.
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