The UK Government has issued Roman Abramovich with a final ultimatum to comply with the transfer of £2.5 billion generated from the sale of Chelsea Football Club, funds that have remained frozen for more than three years.

Chancellor Rachel Reeves on Tuesday approved a licence authorising the release of the money to a newly created charitable foundation tasked with distributing the proceeds to humanitarian causes in Ukraine.

Prime Minister Keir Starmer warned that failure by Abramovich to honour his commitment would trigger legal action, enabling the government to move ahead with the release of the funds without his consent.

“My message to Abramovich is this: the clock is ticking,” Starmer said. “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 funds were frozen following the 2022 sale of Chelsea after Abramovich was sanctioned in the wake of Russia’s invasion of Ukraine.

Source: The Guardian