The government is reportedly preparing to take former Chelsea owner Roman Abramovich to court to get their hands on £2bn from the sale of the club.
The oligarch previously said that the money from the sale, currently frozen in a bank account, would go to those hit by Russia’s invasion of Ukraine.
But ministers have been unable to reach an agreement with Abramovich over how the money should be spent, according to the Guardian, and are therefore looking towards the courts for a solution.
It comes as the US paused financial support, as well as a raft of measures from the UK government to pay for the war in Ukraine with seized Russian assets and sanctioned profits.
One source told the Guardian: “The sense within government is that we are heading towards the courts over this. There is a fundamental disagreement with Abramovich himself over where the money can be spent, and it seems the law is going to be the only way to resolve that.”
Abramovich in court?
Chelsea was sold in 2022 for around £2.5bn to a consortium fronted by Todd Boehly after Russia’s invasion of Ukraine caused a domino effect on a number of assets owned by Russians and the Russian oligarchy.
A Foreign Office spokesperson said: “This government is working hard to ensure the proceeds from the sale of Chelsea FC reach humanitarian causes in Ukraine as quickly as possible. The proceeds are currently frozen in a UK bank account while a new independent foundation is established to manage and distribute the money.
“UK officials continue to hold discussions with Mr Abramovich’s representatives, experts and international partners, and we will double down on our efforts to reach a resolution.”
The estimated value of Russian assets frozen across the continent stands at around $350bn, with ministers – including foreign secretary David Lammy – keen to seize the assets and use the proceeds to fund Ukraine’s defence.
The government’s willingness to take Abramovich to court in what would be a public hearing demonstrates the pressure they’re under to thaw the frozen assets.