Abramovich lawyers insist £2.5bn from Chelsea sale is still his and blame government for delays over funds | OneFootball

Lawyers representing Roman Abramovich have insisted that the £2.5bn proceeds from the sale of Chelsea football club belong entirely to him, warning the government that he will fight any attempts to confiscate the funds.

In a growing row between the oligarch and the government, Mr Abramovich’s legal team has also insisted ministers are responsible for the delay in releasing the funds for Ukrainian victims of the war, claiming in a letter that this was always his intention and something he will do voluntarily when the assets are no longer tied up in a legal case.

But the letter has drawn a furious response from foreign secretary Yvette Cooper, who told The Independent: “It is time Roman Abramovich does the right thing, but if he won’t we will act.”

The exchanges come ahead of a 17 March deadline for the former Chelsea owner to respond to demands, after Sir Keir threatened legal action in December in an attempt to force him to hand over the cash he received for the club in March 2022 to help pay compensation for the war.

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Roman Abramovich sold Chelsea nearly four years ago — but the proceeds are still frozen in the bank account of his company Fordstam Ltd (AP)

In December last year, the prime minister said in the Commons: "My message to Abramovich is clear: the clock is ticking."

He was backed up by senior ministers, including chancellor Rachel Reeves who said: "It is unacceptable that more than £2.5bn of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account."

A letter was sent to the Russian billionaire by the Office for Financial Sanctions Implementation (OFSI) dated 17 December 2025 demanding the money.

But Mr Abramovich’s legal representatives, Kobre and Kim, have today written a stern letter blaming the delay on the UK government.

They stated: “Mr Abramovich has sought to advance the donation in accordance with the framework agreed to at the time of the transaction, which was recorded in a formal Deed of Undertaking that was expressly approved by the UK government. In the limited interactions that have taken place with UK authorities during this period, Mr Abramovich has consistently sought to resolve the complex legal issues preventing the donation from proceeding in order to advance his stated intention to donate the proceeds to charity.

“Nevertheless, the UK government has repeatedly chosen to disregard those matters, opting instead to issue public and political statements which do nothing to resolve the situation. It has now chosen to threaten litigation and to issue a licence unilaterally, without having a legal basis for doing so.”

The lawyers added: “It is important to emphasise that the funds — although currently frozen — remain the property of Fordstam Limited, which is wholly owned by Mr Abramovich. The proposal to donate these proceeds was initiated by Mr Abramovich prior to the imposition of sanctions, and he remains fully committed to ensuring that the funds are used for charitable purposes.

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Roman Abramovich sold Chelsea in May 2022 (PA Wire)

“As such, any donation will be made voluntarily by our clients. Should the UK government believe it has the legal basis to confiscate these funds instead, it is of course open to initiate formal confiscation proceedings, which will be contested in court.”

But foreign secretary Yvette Cooper has hit back, saying: “This money was promised to Ukraine over three years ago. It is time Roman Abramovich does the right thing, but if he won’t we will act.

“That’s why the licence has been issued. It is time this money was used to rebuild the lives of people who’ve seen devastation as a result of Putin’s illegal war.”

The government sees the action as part of recovering assets from Russian billionaires linked to Putin to help compensate Ukraine for the effects of the war.

Representatives of Mr Abramovich have previously blamed an open legal case in Jersey investigating the origin of his wealth as to why he is unable to unfreeze his assets and proceed with the payment.

In April 2022, the Royal Court of Jersey imposed a formal freezing order on $7 billion worth of assets in trusts which Jersey said were linked to Abramovich and the Attorney General of Jersey said Abramovich was a suspect in a criminal investigation.

The Jersey government said claims against Mr Abramovich came because he admitted during high-profile public English High Court proceedings between him and Boris Berezovsky, which ended in 2012, that he had purportedly engaged in corrupt activity in Russia in the 1990s and early 2000s.

Under Putin, the 59-year-old oligarch served as governor of the remote Arctic region of Chukotka in Russia's Far East where he made his fortune.

But Mr Abramovich has argued that his wealth went under significant scrutiny when Jersey gave him residency status in 2016.