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Why billions from Chelsea sale are still unpaid to Ukraine

Why billions from Chelsea sale are still unpaid to Ukraine
  • Abramovich sold Chelsea in 2022
  • Promised billions to Ukraine war victims
  • Funds still stuck in bank account

WHAT HAPPENED?

The former Blues chairman was forced to sell the club to a US-based consortium – headed by Todd Boehly – under sanctions following Russia’s invasion of Ukraine. As part of the deal, Abramovich set aside a mammoth amount of money to be donated to victims of the war.

THE EXPLANATION

Nearly two years on, Abramovich’s £2.5bn donation remains stuck in a London bank account, as per Mail Online, where it could remain for the foreseeable future. Part of the problem relates to where the funds should be sent and whether other countries involved in the war should receive some support. As the former chairman has not been convicted of any illegal activity, the government would face issues trying to redirect the money without Abramovich’s approval. A Politico report suggests that the 57-year-old would like some of the donation to go to Russian victims.

READ MORE  Fabregas suggests a potential return to England as he expresses interest in coaching a top team.

WHAT DAVID CAMERON SAID

Former Prime Minister and current foreign secretary David Cameron said to the House of Lords: “That is the difficulty with the people who set up this trust. We have to resolve that with the European Union and Portugal, where Abramovich has citizenship. We are working very hard because I do not want month after month to go by while the money has not got out of the door. It is difficult to get everybody into alignment, but we are on it.”

WHAT NEXT FOR ABRAMOVICH AND HIS MONEY?

As he is no longer under the public eye with Chelsea, Abramovich is not feeling pressure to come to an agreement. If there is no way to reach a conclusion, those in power could push for new legislation that would allow the government to distribute the money without the Russian oligarch’s involvement.

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