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UK Foreign Secretary David Lammy has vowed to take action to unlock £2.3 billion from the sale of Chelsea FC by Russian billionaire Roman Abramovich more than two years ago.
In an interview with Financial Times, Lammy expressed frustration over the delay, emphasizing that the frozen funds, intended for Ukraine, must be distributed.
“I’m disappointed this hasn’t happened yet, and the money needs to be allocated and used,” Lammy stated, adding that he is adopting a more action-oriented approach to break the deadlock.
While legal action remains an option, Lammy noted that it is not his first instinct, as litigation could be time-consuming. Another possibility is reaching an agreement with the foundation set up to manage the funds, despite ongoing legal complexities.
“I am determined to see this money ‘go out the door’ and will do everything in my power to make it happen,” he affirmed.
The UK government insists the funds should be spent within Ukraine, whereas the disputed foundation—led by former UNICEF UK executive Mike Penrose—advocates for flexibility in supporting refugees outside the country.
Abramovich sold Chelsea to a consortium led by U.S. investor Todd Boehly in May 2022 after facing UK and EU sanctions over his alleged ties to Russian President Vladimir Putin. Nearly a year later, the funds remain frozen in a UK bank account.
Read also: Bolton: Trump’s Threats of Sanctions Against Russia Are “Empty”
