Prime Minister Sir Keir Starmer has issued a stark warning to Russian oligarch Roman Abramovich. He demanded the immediate release of £2.5 billion intended for war victims in Ukraine. Furthermore, the Prime Minister stated that the government will launch legal action if the funds remain blocked.
This substantial sum comes from the 2022 sale of Chelsea Football Club. It has sat frozen in a British bank account for nearly two years. Currently, a disagreement over how to distribute the money is causing the delay.
“The Clock is Ticking”
Starmer addressed the House of Commons on Wednesday. He used this opportunity to ramp up pressure on the former Chelsea owner.
“My message to Abramovich is clear: the clock is ticking,” the Prime Minister stated. “Honour the commitment that you made and pay up now.”
He added that the government is prepared to go to court. This action aims to ensure every penny reaches those affected by “Putin’s illegal war.”
The government confirmed it has issued a license to authorize the fund transfer. It is understood that Abramovich has a 90-day window to comply. If he fails to act, the UK will initiate legal proceedings.
The Standoff Over “Victims”
When Abramovich sold the London football club, he pledged that the net proceeds would benefit conflict victims. However, the disbursement stalled due to conflicting definitions of a “victim.”
The UK government insists the funds must go exclusively to humanitarian aid within Ukraine. In contrast, Abramovich argues that the money should be available to “all victims of the war.” Theoretically, this definition could include Russians affected by the conflict. The UK rejects this stipulation.
Abramovich cannot access the cash due to UK sanctions. However, the proceeds from the sale legally remain his property until the transfer occurs.
Government United on Action
Senior cabinet ministers echoed the Prime Minister’s ultimatum.
Foreign Secretary Yvette Cooper urged the oligarch to honor his word. She warned him to avoid a legal battle that could drag on.
“I’m urging him not to try and pursue further court action,” she said.
Additionally, Chancellor Rachel Reeves condemned the delay.
“It is unacceptable that more than £2.5bn of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account,” she stated.
Background
Roman Abramovich is a billionaire who built his fortune in the oil and gas industries. Authorities sanctioned him following Russia’s invasion of Ukraine. They alleged he has close ties to President Vladimir Putin, though he denies these claims.
The government granted him a special license to sell Chelsea FC in 2022. This came with the strict condition that he would not financially benefit from the transaction.
The Treasury reiterated the terms of the new transfer license. The funds must go to “humanitarian causes” in Ukraine. Consequently, they cannot benefit any sanctioned individual.
Abramovich’s representatives declined to comment on this latest ultimatum.
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