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The former Chelsea FC owner was forced to sell up in 2022 after UK sanctions were actioned against the Russian oligarch. He was ordered to give the proceeds of the €2.97bn sale to Ukrainian victims of war, but has continually refused terms.
Remember when the UK went after seven Russian oligarchs with sanctions following their home nation’s invasion of Ukraine back in 2022?
The most recognisable among the names was billionaire Chelsea FC owner Roman Abramovic. His close ties to the Kremlin and Vladimir Putin – and suspicions his steel company, Evraz PLC, was supplying materials to the Russian Military – effectively ended his tenure at the London club, and any British business ventures in general.
The tycoon was ordered to sell full ownership to another suitor, and Chelsea was bought by Clearlake Capital and American businessman Todd Boehly after months in limbo. Abramovic had been afforded the courtesy of helping to appoint a successor, but it was mandated that exiled boss wouldn’t pocket a penny from any prospective deal.
Instead, the primary sanction stated that the full €2.97bn would be sent as proceeds to Ukraine’s victims of war. However, having relinquished control of the Premier League side and his right to operate in a professional capacity within the UK, Abramovic wasn’t particularly compliant or forthcoming on plans to release the funds.
Three years on, the money remains frozen with no immediate sign of any commitment being met. At the time of reckoning, Abramovic had suggested a humanitarian foundation would be set up to cater for victims of war on both sides. The prospect of that idea remains entirely theoretical years after the matter, though.
In-fact, the UK’s chancellor and foreign secretary have grown concerned about the Russian’s intentions and are now threatening legal action.
