PM gives Abramovich final warning to transfer £2.5bn to Ukraine fund

The UK has given its final warning to Roman Abramovich to release £2.5bn from the oligarch's sale of Chelsea FC to give to Ukraine, telling the billionaire to release the funds within 90 days or face court action.

- Jessica Elgot Deputy political editor

Keir Starmer told the Commons the funds from Abramovich, who is subject to UK sanctions, would be converted into a new foundation for humanitarian causes in Ukraine and that the issuing of a licence for the transfer was the last chance Abramovich would have to comply.

The move comes on the eve of a crucial EU summit, where leaders will be urged to agree to use Russia's frozen assets to provide Ukraine with a €90bn (£79bn) loan.

"The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold and transfer the £2.5bn to a humanitarian cause for Ukraine," Starmer said. "This government is prepared to enforce it through the courts so that every penny reaches those whose lives have been torn apart by Putin's illegal war."

The Russian billionaire sold Chelsea in 2022 under pressure from the British government after the Russian invasion of Ukraine.

Abramovich was granted a licence from the UK government to sell Chelsea as long as the money was spent supporting the victims of the Ukraine war. The proceeds were placed in a UK bank account controlled by Abramovich's company Fordstam.

Since then, the money has been frozen amid deadlock in negotiations with Abramovich on whether it should be spent exclusively in Ukraine, or could go outside the country as well.