Roman Abramovich hits out at government for ‘paralysing’ £2.3bn Chelsea sale money | OneFootball

Former Chelsea owner criticises government amid fears about planned donation of funds from sale going to victims of the war in Ukraine

The money remains frozen in a bank account belonging to Fordstam Ltd, the London-registered former parent company of Chelsea which is owned by Abramovich.

The UK government - both under the Conservatives and since Labour gained power - have always maintained the money must go to humanitarian projects in Ukraine. But Abramovich has said he wants it to help “all victims” of the war, meaning some of it could go to Russia.

The report in the Times came after the publication of delayed Fordstam company accounts revealed that only the “net proceeds” would be gifted to charitable foundations.

Abramovich's company Fordstam Ltd show that £1.4bn is owed to Camberley International Investments Limited, a Jersey-registered company also owned by Abramovich.

Money cannot be paid from Fordstam’s accounts to settle loans or be gifted to charitable foundations until the Office of Financial Sanctions Implementation (OFSI) grants a licence.

In June, the government threatened to take Abramovich to court to make sure the money from the sale of Chelsea goes to Ukraine.

The government is said to be “deeply frustrated” at there not yet having been a solution.

A government spokesperson told Standard Sport: “The Government is determined to see the full proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion.

“We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far.

“While the door for negotiations will remain open, we are prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”

A spokesman for Abramovich has responded, saying: “Due to sanctions and a range of other governmental actions, Camberley International Investments Limited, as well as other structures with any form of historic link to Mr Abramovich, have been effectively paralysed since 2022.

“Consequently, no actions in relation to the frozen funds are possible to make without the government's approval. The UK government has not proposed any legal solution to this current situation.”