Around £2. 5bn from Roman Abramovich’s sale of Chelsea remains frozen due to a “disagreement” over how it will be used.
Abramovich sold Chelsea to a consortium led by Todd Boehly and Clearlake Capital in May 2022 for £4. 25 billion, with the Russian oligarch saying he would return the “net proceeds” of the sale to “victims of the war in Ukraine”.
“I have told my team to create a charitable base where all net proceeds from the sale will be donated,” Abramovich said in a statement. “The base will benefit all those suffering from the war in Ukraine.
“This includes providing budget to meet the urgent and quick wishes of victims, as well as supporting long-term reconstruction work. “However, 18 months later, that budget has yet to be published and the British government is not in a position to guarantee that the money will go to “Ukrainians in Ukraine and not elsewhere”.
“The proceeds of the sale are frozen in a bank account in the UK,” EU Europe Minister Leo Docherty told the House of Lords European Affairs Committee. “Lately we are following a procedure of independent experts to manage money.
“The main difference. . . is whether the budget will be used in Ukraine or for Ukrainians outside Ukraine. It’s not quick, it’s not easy, but we want to make sure that it meets the desires of Ukrainians in Ukraine and not elsewhere. “.
The deputy head of the Foreign, Commonwealth and Development Department’s sanctions task force, Daniel Drake, added: “We wouldn’t need to speculate. I think there is a war of words between those who are concerned about the control of this fund. and the government. “
Drake also refused to comment on suggestions Abramovich was responsible for the delay. “We wouldn’t want to speculate on what the other side is thinking or intending to do,” he continued.
“In the end, it is up to them to apply for this license based on what we made transparent in our unilateral declaration: that the budget be spent on Ukraine. And after all, the goal of our sanctions is to damage that Russia is provoking in Ukraine.
“That’s why we made it transparent and that’s what he didn’t do. “Abramovich bought Chelsea for £140m from Ken Bates in 2003 but was forced to sell last year after being sanctioned by the UK government following Russia’s invasion of Ukraine.
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