British Prime Minister Keir Starmer on Wednesday warned former Chelsea owner Roman Abramovich that “the clock is ticking” over the frozen £2.5 billion ($3.4 billion) raised from the sale of the Premier League club, funds earmarked to support victims of Russia’s war in Ukraine.
Speaking in parliament, Starmer urged the Russian billionaire to honour his pledge, declaring: “Honour the commitment you made and pay up now, and if you don’t, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
The warning comes amid growing frustration within the UK government over delays in releasing the money, which has remained frozen since May 2022. Ministers said in June they were “frustrated” by the failure to reach agreement with Abramovich on how the proceeds should be distributed.
READ ALSO: Trump Sues BBC For $10bn Over Documentary Speech Edit
While the UK government wants the funds directed specifically toward humanitarian efforts in Ukraine, Abramovich has insisted they should benefit “all victims of the conflict,” including those in Russia.
The frozen funds is currently held in a UK bank account and legally remains Abramovich’s property, meaning it cannot be moved without authorisation from the Office of Financial Sanctions Implementation (OFSI).
They still legally belong to Abramovich and cannot be moved without a licence from the Office of Financial Sanctions Implementation.
But Starmer told lawmakers Wednesday that the government was now issuing such a licence.
However, Starmer told lawmakers that the government is now taking decisive action. “I can announce that we’re issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that’s been frozen… since 2022,” he said, adding: “My message to Abramovich is this: the clock is ticking.”
Chelsea was sold to a consortium led by US businessman Todd Boehly after Abramovich was sanctioned following Russian President Vladimir Putin’s invasion of Ukraine.
Abramovich, a Russian-Israeli billionaire who bought the club in 2003, was estimated to be worth $14.5 billion in 2021.
Under his ownership, Chelsea enjoyed the most successful era in their history, winning two Champions Leagues, five Premier League titles, five FA Cups, two Europa Leagues, and a Club World Cup.