UK pledges to secure £2.3bn from Chelsea sale for Ukraine
Pravda Ukraine
UK Foreign Secretary David Lammy has vowed to take action to release £2.3 billion from the sale of Chelsea FC by Russian billionaire Roman Abramovich over two years ago.
Source: Lammy in an interview with Financial Times, as reported by European Pravda
Details: The funds, frozen by the UK government and intended for Ukraine, have remained in a bank account under a special trust for two years due to prolonged negotiations over their allocation.
Quote: “I’m frustrated that it hasn’t happened, is the truth – and that money needs to be distributed, it needs to be used.”
Details: Lammy emphasised shifting to an “action-oriented approach” to resolve the deadlock. While legal action is not his primary choice due to time constraints, it remains one of the options under consideration. Another possibility involves reaching an agreement with the fund set up to manage the money.
Quote: “I’m determined to see that money get out the door and to do all I can to bring that about.”
More details: The UK government insists that the funds should be spent within Ukraine. However, the trust managing the money, including former UK UNICEF director Mike Penrose, advocates for flexibility to support refugees who fled the war.
Background: Russian oligarch Roman Abramovich sold Chelsea FC to a consortium led by US investor Todd Boehly in May 2022 after facing UK and EU sanctions due to his alleged ties to Russian leader Vladimir Putin. Nearly a year after the sale, the funds remained frozen in a UK bank account.
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