'Clock is ticking' for Abramovich, Starmer tells PMQs as UK orders transfer of £2.5bn from Chelsea sale to Ukraine fund
The Prime Minister said "every penny" should reach Ukrainians "whose lives have been torn apart" by the war
Sir Keir Starmer has warned former Chelsea owner Roman Abramovich that the "clock is ticking" for him to donate the £2.5bn he received from the sale of the club.
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The Prime Minister announced that a licence has been issued to allow the proceeds to be transferred to to Ukrainians "whose lives have been torn apart" by the war with Russia.
Speaking at Prime Ministers Questions, Sir Keir told MPs: "My message to Abramovich is this, the clock is ticking.
"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 £2.5bn has stayed locked away in an inaccessible account since the sale went through and the Government will now attempt to remove it from this deep freeze and make it available to support Kyiv.
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Mr Abramovich sold the football club in May 2022 after he was sanctioned following Vladimir Putin’s invasion earlier that year.
The oligarch had pledged to donate the proceeds from the sale to the people of Ukraine, but he has so far failed to reach an agreement with the UK Government on a way forward and the funds remain frozen.
The decision to grant a licence for the transfer is an effort to force Mr Abramovich to fulfil his promise before the ministers resorts to legal action.
Downing Street said Mr Abramovich has objected to the Government’s insistence that the money be spent exclusively in Ukraine.
The Government previously raised the possibility of legal action in June, when Chancellor Rachel Reeves and then-foreign secretary David Lammy said they were "frustrated" by the failure to reach an agreement with Mr Abramovich.
It is understood that the Government expects Mr Abramovich to act within the next few months, although it does not appear to have set a hard deadline.
On Wednesday, Ms Reeves said it was "unacceptable" that the money remained frozen in a UK bank and said ministers were "prepared to do what is necessary" to ensure the funds reach Ukraine.
The Treasury said ministers would consider any proposal from Mr Abramovich to voluntarily transfer the money to Ukraine.
Under the new licence, the proceeds must go to humanitarian causes in Ukraine, while any future gains can be spent more broadly on victims of conflict around the world.
Foreign secretary Yvette Cooper said: "This money was promised to Ukraine over three years ago. It is time Roman Abramovich does the right thing, but if he won’t we will act.
"That’s why the licence has been issued. It is time this money was used to rebuild the lives of people who’ve seen devastation as a result of Putin’s illegal war."
Mr Abramovich invested billions of pounds into the football club which a return of several trophies including winning the Champions League in 2012.
However, he has stayed away from the public eye in the UK since the sale went through with reports suggesting he spends his time between Moscow, Istanbul and Tel Aviv.
He made his billions in the post-Soviet Russian era, and has been said to be an ally to Vladimir Putin.
The Treasury said ministers would consider any proposal from Abramovich to voluntarily transfer the money to Ukraine.
But the department declined to say what legal mechanism it could use to force the transfer of funds.
Under the new licence, the proceeds must go to humanitarian causes in Ukraine, while any future gains can be spent more broadly on victims of conflict around the world.