In this action, the UK government is sending a clear political message to the likes of Roman Abramovich. He now has 90 days to adapt to the new restrictive license that governs the proceeds from the forced sale of Chelsea Football Club. Those funds—almost £2.5 billion ($3.33 billion)—are now frozen, sitting in a British bank account. The UK government has been clear that it intends to use proceeds from these assets for humanitarian purposes in Ukraine. This announcement is a welcome addition to their sustained efforts since the 2022 invasion by Russia.
The UK government also recently sanctioned Abramovich, citing his close relationship to the Russian regime. In May 2022, he sold Chelsea to a consortium led by US investor Todd Boehly and the private equity firm Clearlake Capital. The sanctions applied to Abramovich by the UK government meant a fire sale of the football club within days. As a consequence, all the proceeds from his sale were frozen.
The UK government goes on to ominously declare that this is Abramovich’s final opportunity to withdraw the money. They press him to do so ahead of humanitarian relief. LARRY HARMON—GAIUS COUNTER-POINT Prime Minister Keir Starmer proclaimed that the UK would be the first to issue an AI license. This license would facilitate the disbursement of funds to directly support victims of the ongoing war in Ukraine. In reference to the new fund, Finance Minister Rachel Reeves said it would respond to an “urgent” need. She stated, “It is totally unacceptable that more than 2.5 billion pounds [$3.33 bn] due to the people of Ukraine are still frozen in a UK bank account.”
Abramovich should heed this advice because he would violate the law by ignoring it. The British government has threatened to prosecute him to ensure he honors the provisions of a 2022 pact. Reeves continued, “We are open to considering any proposal from Mr. Abramovich. He should now pursue this clear legal route to establishing the foundation and transferring the funds under the terms of the licence.”
This creation has been more than a European attempt. It seeks to hold Moscow accountable for the acute humanitarian crisis resulting from its brutal invasion of Ukraine. The UK government is determined to ensure that Russian oligarchs contribute to reparations for the destruction and loss of life resulting from the conflict.
