£2.5bn from Chelsea sale ‘still locked up’ three years on
Roman Abramovich was forced to sell the club after being placed under sanction by the UK Government over his links to Russia’s invasion of Ukraine.
The £2.5 billion generated from the sale of Chelsea Football Club is “still locked up” three years on despite it being committed to humanitarian aid in Ukraine, a legal adviser has said.
Roman Abramovich announced the sale of Chelsea in March 2022 amid calls for him to sanctioned following Russia’s full-scale invasion of Ukraine.
The sanctions came days later and the sale was completed in May later that year and Mr Abramovich pledged to divert all proceeds to a foundation to benefit victims of the war.
Speaking to BBC Radio 4’s Today programme, Ms Nightingale said: “Around three years ago now, Abramovich … was being subject to these Russian sanctions … and he was granted a licence to sell Chelsea Football Club.
“The proceeds of that were to go for the benefit of Ukraine.
“And there is no clear reason from the Government as to why that is so. (It’s) still locked up. That money has been expressly committed to humanitarian purposes in Ukraine.
“We don’t know why it’s stuck. There’s a real lack of transparency and over three years of campaigning for that money to go where the Government said it would go, that has still not happened.”
The House of Lords European Affairs Committee has previously reported the cash was frozen in a UK bank account amid “disagreement” about where it should be spent.
“The proceeds are currently frozen in a UK bank account while a new independent foundation is established to manage and distribute the money.
“UK officials continue to hold discussions with Mr Abramovich’s representatives, experts and international partners, and we will double down on our efforts to reach a resolution.”
