UK threatens legal action over Abramovich's £2.5bn blockade
The British government is contemplating legal action against Russian oligarch Roman Abramovich due to a stalemate in negotiations concerning the frozen £2.5 billion from the sale of Chelsea, reports Ukrinform.
The Chancellor of the Exchequer, Rachel Reeves, and Foreign Secretary, David Lammy, confirmed in a joint statement that the UK is committed to securing funds designated for humanitarian aid to Ukraine. They noted that the British government is "determined that the proceeds from the sale of Chelsea FC will be allocated for humanitarian purposes in Ukraine" in the wake of the Russian invasion.
Reeves and Lammy expressed deep disappointment over the lack of an agreement with Mr. Abramovich on the matter.
The government emphasised that it is "fully prepared" to resolve the situation through legal means, if necessary, to ensure that the funds can reach those suffering in Ukraine as soon as possible.
Abramovich sold Chelsea
It's worth remembering that the purchase of Chelsea FC by a consortium led by American Todd Boehly was projected to cost as much as £4.4 billion. This sum includes the modernisation of the Stamford Bridge stadium.
The funds from the sale of the oligarch's shares were intended for charitable purposes. The money is deposited in a frozen bank account, and its use must be approved by the British government, which has insisted from the outset that the transaction will proceed only if Abramovich receives not a single pound of it.
