USD 3 billion from Abramovich's sale of Chelsea still frozen in Britain - they promised to be given to victims of war in Ukraine

GBP 2.5 billion (USD 3 billion) received from the sale of Chelsea FC by russian oligarch Roman Abramovich still remains frozen in an account in the UK despite promises to give it to victims of the war in Ukraine.

This is reported by Economic Pravda with reference to The Athletic.

The UK government forced Abramovich to sell the English Premier League club Chelsea after the russian invasion in February 2022.

On March 2 of the same year, he issued a statement that "all proceeds from the sale will be donated to the benefit of all victims of the war in Ukraine".

The British government, then led by Boris Johnson, called Abramovich a "pro-Kremlin oligarch" and imposed sanctions on him, saying that the sale of Chelsea is only possible on condition that Abramovich does not receive personal benefit from the transaction.

In May 2022, an agreement was reached to sell the club to Todd Boehly for GBP 2.5 billion, but the funds still remain frozen.

"The Charity Commission, the organization that registers and regulates charities in England and Wales, confirmed to us that it has not yet received applications to create a fund," The Athletic writes.

The UK Foreign, Commonwealth and Development Office (FCDO) told the publication that it is still in talks with Abramovich's representatives.

"Our government is working hard to ensure that the proceeds from the sale of Chelsea Football Club are directed to humanitarian needs in Ukraine as soon as possible," said a spokesman for the FCDO.

"The funds are currently frozen in a bank account in the UK until a new independent fund is established to manage and distribute the money.

British officials continue to hold talks with Mr Abramovich's representatives, experts and international partners, and we will redouble our efforts to reach a resolution to this issue," he added.

The Athletic previously reported that a key reason for the delay is disagreements over how the funds will be distributed.

Abramovich wants the proceeds to go to help all victims of the war, including russian soldiers, as well as other charitable causes outside Ukraine.

The UK government, currently led by Keir Starmer, has not changed its position since 2022 and insists that the GBP 2.5 billion be directed exclusively to humanitarian purposes in Ukraine.

As Ukrainian News Agency earlier reported, on March 2, 2022, one of russia's richest businessmen, Roman Abramovich, announced that he intends to create a charitable fund for victims of the war in Ukraine with the net profit from the sale of the Chelsea football club (London).