In March 2022, the UK government sanctioned Abramovich over alleged ties to Russian president Vladimir Putin—allegations he denies.
Following Russia’s invasion of Ukraine, he was granted a special licence to sell Chelsea, on the condition he could prove he would not benefit from the sale.
The 59-year-old said the proceeds would be channelled through a foundation “for the benefit of all victims of the war in Ukraine,” including those in Russia.
Since the sale, the £2.5bn proceeds have been frozen in a UK bank account. Abramovich cannot access the funds, though they still legally belong to him.
In 2023, the BBC reported that leaked records traced a money trail linking Abramovich to two men described as Putin’s “wallets.”
BBC Newsnight, BBC Verify and Panorama worked with the Bureau of Investigative Journalism on Cyprus Confidential—a global investigation led by the International Consortium of Investigative Journalists (ICIJ) and Paper Trail Media.
The reports alleged the Cyprus leaks offered new evidence tying the former Chelsea owner to a secret £26m deal in 2010.
Abramovich has consistently denied any financial relationship with the Russian leader.
In June, the UK government threatened legal action to ensure money from the Chelsea sale would go specifically to Ukrainian humanitarian aid, rather than to “all victims of the war in Ukraine,” as Abramovich had proposed.
Two months before selling Chelsea in May 2022, Abramovich was reportedly affected by suspected poisoning during peace talks at the Ukraine–Belarus border.
The Russian billionaire, who amassed his wealth in oil and gas, was said to be acting as a broker in negotiations between Ukraine and Russia.