Sale of Chelsea FC: Frozen Funds

Today, at my direction, the Office of Financial Sanctions Implementation issued a licence permitting the transfer of over £2.5 billion from the sale of Chelsea football club to a new charitable foundation. The foundation will spend these proceeds for the benefit of the victims of the invasion in Ukraine.

The Government would have preferred to take this action with the co-operation of Roman Abramovich and his company, Fordstam Ltd. However, that has not materialised, and it is unacceptable that the funds remain frozen while Ukraine continues to suffer.

The Government are urging Mr Abramovich to act without delay. We will consider any proposal from Mr Abramovich to make use of this clear legal route to establish the foundation and transfer the funds under the terms of the licence. I confirm the Government commitment to use all tools within their power, including pursuing the matter in court if necessary, to release the proceeds.

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