The Prime Minister has said Russian oligarch Roman Abramovich must “pay now” to victims of the war in Ukraine or face legal action.
Abramovich, former owner of Chelsea Football Club, promised in 2022 that the money from the sale of the club would be used to benefit the victims of the Russian invasion of Ukraine.
The money has been frozen in a British bank account since the sale after it was sanctioned following the Russian invasion of Ukraine.
But there has been a delay in the release of the funds due to a disagreement between the UK government and its lawyers.
Speaking in the House of Commons, Sir Keir Starmer said the UK had issued a license “to transfer £2.5bn from the sale of Chelsea Football Club which has been frozen since 2022”.
Sir Keir said: “My message from Abramovich is clear: the clock is ticking.
“Honor the commitment you made and pay now, and if you don’t, we are prepared to go to court and ensure that every penny reaches those whose lives have been shattered by Putin’s illegal war.”
The government first threatened to sue Abramovich in June.
The Treasury said that under the terms of the license, the money must go to “humanitarian causes” in Ukraine and cannot benefit Abramovich or any other sanctioned individual.
The UK government wants the money to go towards Ukrainian humanitarian aid, but Abramovich has said he wants it to go to “all the victims of the war in Ukraine”.
Abramovich, a Russian billionaire who made his fortune in oil and gas, was given special license to sell Chelsea following the Russian invasion of Ukraine, provided he could prove he would not profit from the sale.
He is believed to have strong ties to Russian President Vladimir Putin, something he has denied.
He cannot access the proceeds from the £2.5bn sale under UK sanctions, but the money still legally belongs to him.
