Roman Abramovich ready to fight UK government over proceeds from 2.5bn Chelsea sale

"On Monday, Abramovich's lawyers at Kobre & Kim said the cash is still wholly owned by Fordstam Ltd, the vehicle through which the billionaire funded Chelsea, channelling cash from controversial oil deals through a maze of offshore companies. In the letter, sent ahead of a 17 March deadline set by the UK government, the lawyers accused ministers of making politically charged and highly publicised statements about the oligarch."

"The UK government appears to be treating this proposed donation as a form of punitive measure against Mr Abramovich, the lawyers said in the letter, seen by Reuters. They said Abramovich remains fully committed to using the money for charitable purposes, and the government's restrictions on how it can be spent were to blame for the delay."

"Britain wants the money to be ringfenced for use only in Ukraine, in line with a wider European push for Moscow to foot the bill for the devastation caused by its invasion. However, Abramovich has indicated that he wants more flexibility over how the money would be spent."

Roman Abramovich has escalated his dispute with the British government over £2.5bn from Chelsea FC's sale, claiming ownership of the funds despite 2022 sanctions freezing his assets following Russia's Ukraine invasion. The UK and EU imposed sanctions citing his ties to Putin's regime, prompting the club's rushed sale to Todd Boehly's consortium. The proceeds remain locked in a UK bank account due to disagreement over allocation. Britain seeks to ringfence the money exclusively for Ukraine aid, aligning with European efforts to make Russia bear invasion costs. Abramovich's lawyers argue the cash belongs to Fordstam Ltd, his Chelsea funding vehicle, and claim government restrictions prevent charitable deployment. They contend the UK treats the donation as punitive rather than facilitating legitimate charitable purposes.

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