UK Prime Minister Keir Starmer has issued a stark warning to Roman Abramovich, stating that “the clock is ticking” for him to donate the proceeds from the sale of Chelsea to Ukraine.
During a session in Parliament on Wednesday, Starmer revealed that the government has authorized a license that permits the proceeds from Chelsea’s sale to be allocated to a new foundation dedicated to humanitarian efforts in Ukraine.
He emphasized, “My message to Abramovich is clear: the clock is ticking.”
“Honor your pledge and make the donation now. If you fail to do so, we are ready to take legal action to ensure that every penny reaches those impacted by Putin’s illegal war.”
Abramovich sold the club in May 2022 following sanctions imposed after Russia’s invasion, led by President Vladimir Putin.
While Abramovich had committed to donating the proceeds for the benefit of the Ukrainian people, he has yet to finalize an agreement with the government, resulting in the funds being frozen.
According to Downing Street, Abramovich has contested the government’s requirement that the funds be directed solely to Ukraine.
The recent decision to issue a new license is aimed at compelling Abramovich to uphold his promise before the government takes further legal measures.
The government expects Abramovich to respond within the coming months, although no specific deadline has been established.
Previously, in June, the government expressed potential legal action when Chancellor Rachel Reeves and then-Foreign Secretary David Lammy voiced their frustration over the lack of agreement with Abramovich.
On Wednesday, Reeves stated it was “unacceptable” for the funds to remain inactive in a UK bank and conveyed that the government is “prepared to take necessary actions” to ensure the funds benefit Ukraine.
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The Treasury has indicated it will review any proposal from Abramovich for a voluntary transfer of the funds to Ukraine.
However, the department did not clarify the specific legal avenues it could utilize to enforce the transfer of funds.
Under the new license, proceeds must be directed to humanitarian efforts in Ukraine, while any future earnings may be allocated more broadly to assist conflict victims worldwide.