‘Clock is ticking’: Starmer tells Roman Abramovich to transfer money from Chelsea sale to Ukraine fund
Sir Keir Starmer has warned Russian billionaire Roman Abramovich that “the clock is ticking” on handing over the £2.5 billion he received from the sale of Chelsea football club.
The Prime Minister told MPs on Wednesday that a license had been issued allowing the money to be transferred to the Ukrainian people suffering from the Russian occupation.
The announcement is the first major step towards the transfer of European-based Russian assets for the reconstruction of Ukraine. This follows last week’s mini-summit between Sir Keir and Belgian Prime Minister Bart de Wever, with most Russian assets located in Belgium.
Speaking during the PMQs, Sir Keir said: “The clock is ticking for Roman Abramovich to fulfill the promise he made when Chelsea FC was sold and transfer £2.5bn to a humanitarian cause for Ukraine.
“This government is ready to enforce this through the courts so that every penny reaches those whose lives have been shattered by Putin’s illegal war.”
Billions of pounds worth of proceeds have been frozen in a UK bank account since the sale in 2022, when the British government sanctioned Mr Abramovich for his close ties to Putin following Russia’s large-scale invasion of Ukraine.
The oligarch promised to donate the proceeds from the sale to the Ukrainian people, but so far he has not been able to reach a forward agreement with the government and the funds remain frozen.
Wednesday’s decision to license the transfer is an effort to force Abramovich to fulfill his promise before the government takes legal action. Although no firm deadline has been set, the government expects it to take action within the next few months.
However Independent He understands that Mr Abramovich told the government he could not transfer the money until a lawsuit filed by the Jersey government over the source of his wealth was dismissed.
Mr. Abramovich is not expected to make an immediate public statement on the announcement.
The government previously raised the possibility of legal action in June when chancellor Rachel Reeves and then-foreign secretary David Lammy said they were “disappointed” at the failure to reach a deal with Mr Abramovich.
Speaking after the license was granted on Wednesday, Ms Reeves said: “It is unacceptable that more than £2.5bn of money owed to the Ukrainian people is allowed to remain frozen in a UK bank account. It is time for Roman Abramovich to pay his debt.”
“If he does not act, we are ready to do whatever is necessary to ensure that the money reaches the Ukrainian people.”
Foreign Secretary Yvette Cooper said: “This money was promised to Ukraine three years ago. It’s time for Roman Abramovich to do the right thing, but if he doesn’t we will take action.”
“That’s why the license was granted. It’s time for this money to be used to rebuild the lives of people devastated as a result of Putin’s illegal war.”
