PM announces foundation
Speaking in the House of Commons, Prime Minister Keir Starmer said the government will set up a foundation to manage the frozen proceeds from Roman Abramovich's sale of Chelsea FC.[2]
Why the funds were frozen
Abramovich sold Chelsea in May 2022 after he faced UK sanctions linked to Russia's invasion of Ukraine, and the sale money was then frozen in a UK bank account.[2][4]
How much is involved
The government says about £2.5 billion is tied to the sale; ministers have issued a licence to allow those funds to be moved to the new foundation for humanitarian causes in Ukraine.[2][4]
What the government wants
Ministers are urging Abramovich to transfer the funds to help victims in Ukraine and say they are ready to use the courts if he does not agree to the terms set out by the Treasury.[1][4]
Abramovich's position
Abramovich has argued the money should help all victims of the war, not only those in Ukraine, and talks with the government have so far failed to reach a final agreement.[1][3]
Claim the best odds now at VINN
