Roman Abramovich’s representatives have criticised UK sanctions for leaving a pledged multi-billion pound fund for Ukraine in limbo, saying the Government has offered «no legal solution» to release the money frozen since 2022.
The former Chelsea owner vowed in 2022 to donate the «net proceeds» from the club’s sale to «all victims» of the war. New remarks from his camp say entities linked to him, including Camberley International Investments, have been «effectively paralysed,» so no action can be taken without Government approval. Ministers insist the money must be spent only inside Ukraine and say they are prepared to go to court to ensure it reaches humanitarian causes.
Company filings from Fordstam Ltd, Chelsea’s former parent, state the donation would follow clearance of «other balance sheet items.» Figures involved in talks still put the fund near £2.35bn, though that could fall to about £987m if Abramovich-linked loans to Fordstam were not written off. The Boehly-Clearlake vehicle, Blueco 22 Ltd, retained £150m to cover potential pre-sale liabilities. Accounts also show ex-Chelsea director Eugene Tenenbaum, who was sanctioned, received a payment under Office of Financial Sanctions Implementation terms, with funds sent to HMRC for taxes.
The Government says it remains «deeply frustrated» no agreement has been reached with Abramovich, but that negotiations remain open.
