"Keir Starmer told the House of Commons the funds from the oligarch, who is subject to UK sanctions, would be converted in to a new foundation for Ukraine and that the issuing of a licence for the transfer was the last chance Abramovich would have to comply before legal action was taken. The Russian billionaire sold Chelsea in 2022 under pressure from the British government after the Russian invasion of Ukraine."
"Abramovich was granted a licence from the UK government to sell Chelsea as long as the money was spent supporting the victims of the Ukraine war. The proceeds were placed in a UK bank account controlled by Abramovich's company Fordstam. Since then, the money has been frozen amid deadlock in negotiations with Abramovich over whether the money should be spent exclusively in Ukraine or whether it can go outside the country as well."
"The government has promised to establish a foundation to disburse the money, headed by Mike Penrose, the former head of Unicef UK. Ministers have stressed that they have tried for many years to agree terms with Abramovich and seek his cooperation in the transfer of the funds. Starmer said the government was prepared to take Abramovich to court in order to access the money."
The UK government plans to issue formal instructions to transfer £2.5bn from Roman Abramovich’s sale of Chelsea FC to humanitarian causes in Ukraine. The funds, located in a UK bank account controlled by Abramovich’s company Fordstam, were frozen after the 2022 sale which was permitted under a licence requiring proceeds to support victims of the Ukraine war. Negotiations stalled over whether the money must be spent exclusively in Ukraine or could be used elsewhere. The government will create a new foundation, chaired by Mike Penrose, to disburse the money and has warned that legal action will follow if Abramovich does not comply.
Read at www.theguardian.com
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