Ukraine war victims may receive less than half of £2.35bn Chelsea sale funds | OneFootball

The funds remain frozen in a London bank account

The UK government's position — which has not changed since Sir Keir Starmer's Labour Party replaced the Conservatives in office — is that the money must only be used for humanitarian purposes in Ukraine.

Abramovich, however, has said he wants the money to benefit “all victims of the war”, which could mean some of the funds ending up in Russia.

The company accounts now suggest that loans to Fordstam need to be paid off before the balance can be paid to charity, and that includes £1.54bn owed to company which Abramovich personally owns.

The company’s balance sheet states its net assets are £922.9m. Per The Times, money cannot be paid from Fordstam’s accounts to settle the loans or to the charitable foundation until the Office of Financial Sanctions Implementation (OFSI) grants a licence.

That would leave just £923m from the £2.35bn sale going to the charity. The dispute between the British government and Abramovich over where the money should end up means that three and a half years after the club was sold, no money has yet been received by any charitable foundations.

Fordstam accounts for the year ending June 2022 were only signed on October 10, 2025.

Standard Sport has approached the Foreign, Commonwealth & Development Office (FCDO) for comment.