UK government 'fully prepared' to sue Russian oligarch Abramovich over Chelsea FC sale
The U.K. government is ready to sue sanctioned Russian oligarch Roman Abramovich over the sale of the Chelsea Football Club, U.K. Treasury Chancellor Rachel Reeves and Foreign Secretary David Lammy said in a joint statement on June 2.
“The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion,” the two officials said.
Lammy, on March 9, vowed to unfreeze billions of dollars of revenue earned from Abramovich’s sale of the Chelsea Football Club and use the funds to support Ukraine.
Abramovich was forced to sell Chelsea FC when sanctions were enacted against him following Russia’s full-scale invasion of Ukraine in February 2022.
“While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required,” Reeves and Lammy said in their joint statement.
The U.K. government previously said that the funds intended to help Ukraine remained in limbo due to a disagreement between officials and Abramovich.
“We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far,” they said.
2.3 billion pounds ($3.1 billion) are currently frozen in a dedicated trust as officials decide how to obtain and utilize the funds.
Abramovich reportedly owes up to 1 billion pounds ($1.3 billion) to the U.K. after attempting to evade taxes on hedge fund investments in a scheme involving the Chelsea Football Club.
The oligarch is also under investigation for undeclared assets in Germany, Spiegel reported on Feb. 8, citing the Frankfurt am Main Public Prosecutor’s Office.
The Kyiv IndependentLinda Hourani