UK Turns Up the Heat on Abramovich Over Chelsea Cash
Roman Abramovich made global headlines when he sold Chelsea Football Club back in May 2022. What followed was a financial limbo that just keeps dragging out. The £2.5 billion proceeds from that blockbuster deal, now stuck in a UK bank, have sparked a standoff between Abramovich and the British government.
The heart of the issue? The UK wants every penny to help Ukrainians affected by the Russian invasion, a war that turned millions of lives upside down. Abramovich, meanwhile, argued for a broader approach, suggesting the cash should also help Russian victims of the conflict. London’s response was a flat-out no. British officials don’t want the money trickling beyond Ukraine war victims.
The standoff isn’t just about charity. Abramovich is under UK sanctions—punched into place just weeks after Russia made its move on Ukraine in early 2022. Authorities froze his UK assets, accusing him of close ties to Vladimir Putin. Even though he offloaded Chelsea under intense pressure, the sale’s windfall is still technically Abramovich’s. But because of those sanctions, he can’t touch a penny without official approval. The only way that money can move is with a special government license.
Things got tenser this week as Britain’s newly appointed Chancellor Rachel Reeves and Foreign Secretary David Lammy doubled down. They insisted the funds must go directly to humanitarian causes in Ukraine—no exceptions. They’re so fed up with how slowly things are moving that they’re now threatening to take Abramovich to court to force the issue. According to government sources, the UK is ‘deeply frustrated’ by the deadlock, and legal action is the next step on the table unless Abramovich agrees to the UK’s terms.
Since Russia’s invasion, the UK has made supporting Ukraine a pillar of its foreign policy. Just a few months ago, the government pledged £4.5 billion in new military aid. That support isn’t just about weapons—it’s also about making the Kremlin pay, literally and symbolically, for the war. Redirecting Abramovich’s money isn’t just a matter of helping war victims, it’s a warning to Russian oligarchs who might hope to shelter their fortunes in the UK.
The Proceeds Stuck in Limbo
Right now, the money sits frozen while negotiations grind on behind closed doors. Abramovich’s legal team has argued for a more ‘neutral’ fund to dole out the cash to anyone harmed by the war, regardless of nationality. But the UK government feels that would muddy the message they’re trying to send: you can’t start a war and hope to split the humanitarian bill with your adversaries. Every step of the way, the focus has been squarely on Ukraine—and that’s unlikely to change anytime soon.
This legal threat marks a new phase in the saga that’s lasted more than two years now. Both sides are lawyered up, and with global attention still on Russia’s actions in Ukraine, the UK doesn’t seem likely to back down. How—and when—the funds will finally be released remains to be seen, but one thing is certain: this story is not leaving the headlines any time soon.