Roman Abramovich blasts UK Government in fresh statement after £2.3bn Chelsea sale

Roman Abramovich has criticised the UK government for its handling of the frozen 2.3bn Chelsea sale proceeds, which have been locked in a bank account since the Russian billionaire was sanctioned in 2022

Former Chelsea owner Roman Abramovich has hit out at the UK government for actions that have "paralysed" his £2.3billion proceeds from the sale of the Premier League club.

In the wake of the Ukraine invasion, the Russian tycoon offloaded the Stamford Bridge outfit to a consortium led by American Todd Boehly, only for the funds to be locked in a frozen bank account by the British government.

Abramovich was alleged to have close ties with Russian President Vladimir Putin, leading to sanctions, a claim he refutes.

Abramovich, the former governor of Chukotka Autonomous Okrug who built his wealth through oil and gas ventures, had committed that the "net proceeds" from the sale would benefit all war victims – a statement some interpreted as potentially including Russians – whilst successive British governments have insisted the funds should be directed exclusively towards Ukraine.

The government warned it would take Abramovich to court to release the money, though this has yet to materialise, and overdue financial statements from former Chelsea parent company Fordstam Ltd indicated the donation would be made "after allowing for other balance sheet items", potentially reducing the £2.3bn figure to approximately £950m.

"Due to sanctions and a range of other governmental actions, Camberley International Investments Limited, as well as other structures with any form of historic link to Mr Abramovich, have been effectively paralysed since 2022," a statement from Abramovich's spokesperson to City AM read.

"Consequently, no actions in relation to the frozen funds are possible to make without the government's approval. The UK government has not proposed any legal solution to this current situation."

To release the frozen assets, the government previously considered legal action against Abramovich – who holds Russian, Portuguese and Israeli citizenship.

At that time, a joint statement from Chancellor Rachel Reeves and then foreign secretary David Lammy said: "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required.

"The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion.

"We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far."

The frozen assets legally belong to Abramovich but a House of Lords report on the lack of progress in the case said: "This impasse reflects badly on both Mr Abramovich and the government, which ought to have pushed for a more binding [initial] commitment."

Abramovich's association with Chelsea has stretched to over two decades, with his initial purchase of the Stamford Bridge club taking place in 2003.