Share
Roman Abramovich’s lawyers have vowed to fight against the Government’s efforts to confiscate the £2.35billion proceeds from the sale of Chelsea FC they say are “wholly his”.
It comes after Sir Keir Starmer said in December that the former owner of the premier league club must “pay up now” or face court action.
But Abramovich’s lawyers have said there was “no legal basis” for these demands.
The Russian billionaire had been given a March deadline to respond to requests that he give up the funds from the club’s sale and hand them over to victims of Vladimir Putin’s war in Ukraine.
It comes after the UK and EU slapped sanctions on Abramovich in 2022, freezing his assets in the months following the Russian invasion.
But legal action has reportedly delayed the release of funds from Abramovich’s sale of Chelsea Football Club to the Todd Boehly-led Clearlake consortium.
Fordstam, Abramovich’s UK-registered company, received the £2.35billion in 2022.
Abramovich’s lawyers argue the businessman remains “fully committed” to using the money for charitable purposes, according to Telegraph Sport.
In a letter sent on Monday, they blasted the “politically charged and highly publicised statements made by the UK Government” against their client.
“Unfortunately, this approach is consistent with the manner in which the UK Government has handled this matter since the sale of Chelsea FC in 2022 – across the tenure of four prime ministers and five foreign secretaries,” the letter reads.
“It is important to emphasise that the funds – although currently frozen – remain the property of Fordstam Limited, which is wholly owned by Mr Abramovich,” the letter adds.
Responding to the letter, Foreign Secretary Yvette Cooper said: “This money was promised to Ukraine over three years ago. It is time Roman Abramovich does the right thing but if he won’t we will act.
The Government told Abramovich last year he must release the cash or face court action.
Sir Keir said in December “the clock is ticking” for Abramovich to find a resolution.
"My message to Abramovich is this, the clock is ticking.
"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," he told PMQs.
Abramovich’s lawyers said if the Government opened formal confiscation proceedings it would fight this in court.
The Russian invested billions of pounds into the football club which a return of several trophies including winning the Champions League in 2012.
However, he has stayed away from the public eye in the UK since the sale went through with reports suggesting he spends his time between Moscow, Istanbul and Tel Aviv.
He made his billions in the post-Soviet Russian era, and has been said to be an ally to Vladimir Putin.The Treasury said ministers would consider any proposal from Abramovich to voluntarily transfer the money to Ukraine.
But the department declined to say what legal mechanism it could use to force the transfer of funds.Under the new licence, the proceeds must go to humanitarian causes in Ukraine, while any future gains can be spent more broadly on victims of conflict around the world.
