"It's unacceptable that more than 2.5 billion pounds [$3.33 bn] of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account, Finance Minister Rachel Reeves said in the statement."
"We will consider any proposal from Mr Abramovich to make use of this clear legal route to establish the foundation and transfer the funds under the terms of the licence, Reeves said in a separate statement issued to parliament."
"Prime Minister Keir Starmer said the UK would issue a licence to release the funds. This would allow the transfer of the money to a new charitable foundation."
"He has previously sought more flexibility and said he wants the money to go to all victims."
The UK has given Roman Abramovich 90 days to release £2.5 billion from the sale of Chelsea Football Club for humanitarian aid in Ukraine or face legal action. The funds were frozen after Abramovich was sanctioned following Russia's 2022 invasion, prompting a hurried sale of the club. The UK seeks the money solely for humanitarian causes in Ukraine, aligning with European efforts to make Moscow pay for war damage. The government says it will issue a licence enabling transfer to a new charitable foundation and is prepared to go to court to enforce a 2022 agreement if Abramovich does not act.
Read at www.aljazeera.com
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