British PM Warns Roman Abramovich Over £2.5 Billion: 'Honour The Commitment You Made And Pay Up Now'

British Prime Minister Keir Starmer warned former Chelsea owner Roman Abramovich on Wednesday that “the clock is ticking” regarding the frozen £2.5 billion ($3.4 billion) from the sale of the club, which is intended to support Ukraine’s war victims.

Addressing parliament, Starmer urged Abramovich to honour his commitment and release the funds. He stated, “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.”

What Is The Controversy?

In June, ministers expressed frustration over the lack of agreement with Abramovich on where the funds from the May 2022 sale should be allocated. The UK government aims to direct the funds towards humanitarian purposes

in Ukraine, while Abramovich insists they should benefit all victims of the conflict, including those in Russia.

A consortium led by US businessman Todd Boehly acquired the Premier League giants after Abramovich faced sanctions following Russian President Vladimir Putin’s invasion of Ukraine. The frozen funds are currently held in a UK bank account and remain legally Abramovich’s property, requiring a licence from the Office of Financial Sanctions Implementation for any movement.

Starmer announced to lawmakers on Wednesday that the government is now issuing such a licence.

“I can announce that we’re issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that’s been frozen… since 2022,” he said.

“My message to Abramovich is this: the clock is ticking,” the prime minister added.

The 59-year-old Russian-Israeli billionaire, who purchased the club in 2003, had an estimated fortune of $14.5 billion in 2021. Under his ownership, Chelsea experienced their most successful period, winning two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues, and a Club World Cup.

Abramovich has 90 days to act under the terms of the government’s new licence.

(With inputs from Agencies)