Roman Abramovich’s lawyers have informed the United Kingdom government that the £2.35 billion proceeds from his 2022 sale of Chelsea Football Club remain his personal property, warning that the Russian billionaire is ready to legally challenge any attempts to seize the funds.
The money, which was transferred in May 2022, is currently frozen in a UK bank account held by Fordstam Ltd, a company fully owned by Abramovich.
The funds have been at the center of a prolonged dispute over their use to assist victims of the war in Ukraine.
According to correspondence obtained by The Athletic, Abramovich’s legal team reiterated that their client is committed to donating the proceeds to charity but insisted the funds are legally his.
“The funds, although currently frozen, remain the property of Fordstam Limited, which is wholly owned by Mr Abramovich,” the lawyers said.
The letter also criticised how UK authorities have handled the situation, arguing that officials have relied on public statements rather than engaging with the legal issues surrounding the money’s transfer.
“In the limited interactions that have taken place with UK authorities during this period, Mr Abramovich has consistently sought to resolve the complex legal issues preventing the donation from proceeding in order to advance his stated intention to donate the proceeds to charity,” the letter stated.
“Nevertheless, the UK Government has repeatedly chosen to disregard those matters, opting instead to issue public and political statements which do nothing to resolve the situation.”
The dispute dates back to sanctions imposed on Abramovich shortly after Russia invaded Ukraine in February 2022. Under then-Prime Minister Boris Johnson, the UK government forced Abramovich to sell Chelsea. Following the sale, he announced that all net proceeds would be donated “for the benefit of all victims of the war in Ukraine.”
Disagreements later arose over who should benefit from the funds. While Abramovich wants the money to support all victims of the conflict, including Russian soldiers, UK authorities insist that the funds must be directed solely toward humanitarian aid in Ukraine.
In December, Prime Minister Keir Starmer warned that the “clock was ticking” for Abramovich to move the money to a foundation aimed at assisting Ukraine, adding that the government would take the matter to court if necessary.
“The proposal to donate these proceeds was initiated by Mr Abramovich prior to the imposition of sanctions, and he remains fully committed to ensuring that the funds are used for charitable purposes,” the letter said.
“As such, any donation will be made voluntarily by our clients.”
Responding to the latest developments, UK Foreign Secretary Yvette Cooper said the government remains determined to ensure the funds reach victims of the war.
“This money was promised to Ukraine over three years ago,” Cooper said.
“It is time Roman Abramovich does the right thing, but if he won’t we will act. That’s why the licence has been issued. It is time this money was used to rebuild the lives of people who’ve seen devastation as a result of Putin’s illegal war.”
Meanwhile, Fordstam’s most recent accounts indicate that £1.4 billion of the £2.35 billion is owed to Camberley International Investments Limited, a company registered in Jersey. This sum reflects loans Abramovich made to Chelsea during his ownership of the club.
The loan is, however, part of an ongoing criminal investigation in Jersey into the origin of Abramovich’s funds, preventing its transfer to a charitable foundation. Abramovich has denied the allegations and is contesting the probe in court, according to his lawyers.
