Roman Abramovich’s lawyers are ready to fight the government for the right to use the £2.35bn he received from his Chelsea sale, but the cash has yet to be spent.
Roman Abramovich is yet to spend the billions he made from selling Chelsea (Image: Adam Davey/PA Wire)
Roman Abramovich’s lawyers have revealed to the British government that the £2.35bn he received from the sale of Chelsea belongs to a Russian oligarch and will fight any legal attempts to take the money away.
Back in 2022, the billionaire sold his Premier League team following the outbreak of the Ukraine war and his relationship with Russian President Vladimir Putin. At the time, Abramovich said he had chosen to sell “in the best interests of the club”.
Funds raised from the sale remain frozen in the bank account of Mr. Abramovich’s company, Fordstam, amid an ongoing dispute over how they will be used to support victims of the war in Ukraine.
A letter from Abramovich’s law firm said he remains “fully committed” to using the funds for charitable purposes, but restrictions handed down by the government have prevented his use of them.
Prime Minister Keir Starmer has set a March 17 deadline for Mr Abramovich to forgive all of the £2.35bn donated to a new foundation in Ukraine, threatening legal action. Russia wants the money to be used to help all local war victims and is ready for a legal battle.
read more: Conservative Party branded ‘pathetic’ as minister Kemi Badenoch is torn apart over Roman Abramovich scandalread more: Keir Starmer issues ultimatum over £2.5bn Chelsea funding Roman Abramovich’s secret luxury life
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The Times saw a letter from Mr Abramovich’s lawyer that said: “Strangely, the UK government appears to be treating this proposed donation as a punitive measure against Mr Abramovich. This is fundamentally wrong.”
“It is important to emphasize that although the funds are currently frozen, they remain the property of Fordstam Limited, which is wholly owned by Mr. Abramovich.
“If the UK Government believes there are legal grounds to confiscate these funds instead, we will of course be prepared to commence formal confiscation proceedings, which will be challenged in court.”
Sir Keir Starmer called on the oligarchy to release funds (Image: Alberto Pezzali – WPA Pool/Getty Images)
Mr Starmer told Mr Abramovich in December that “the clock is ticking”, before adding: “Keep your word and pay now. If you don’t, we are prepared to go to court and will make sure every penny goes to the people whose lives have been torn apart by Putin’s illegal war.”
Foreign Secretary Yvette Cooper insisted the former Chelsea owner “needs to keep that promise and pay that money”. Mr. Cooper also said, before Mr. Abramovich’s lawyers took their position, that “I am discouraging him from pursuing further litigation.”
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