Roman Abramovich is attempting to bypass UK government restrictions by registering a global humanitarian foundation to distribute £2.35 billion in frozen sale proceeds currently stalled in British bank accounts.
Former Chelsea owner Roman Abramovich is escalating his legal battle with the UK government over £2.35 billion generated from Chelsea’s 2022 sale.
The Russian oligarch plans to register a new entity, the “Foundation for Victims of Conflict,” to distribute the funds globally.
This move directly defies British mandates requiring the money to be spent exclusively within Ukraine. Abramovich’s representatives argue that a Ukraine-only restriction was never part of the original agreement.
The impasse follows threats from Prime Minister Keir Starmer, who warned of potential confiscation as the “clock is ticking” on the frozen assets.
Mike Penrose, a former UNICEF executive leading the foundation, confirmed that a submission to the Charity Commission is imminent.
Abramovich’s legal team maintains the proceeds remain his personal property and views the government’s current stance as an unlawful punitive measure against him.
The dispute is further complicated by separate investigations in Jersey, where over $7 billion in Abramovich-linked assets were previously seized.
While the UK government insists the funds remain frozen until their conditions are met, the oligarch’s pivot to a broader humanitarian scope aims to force a resolution.
As legal tensions mount, the multi-billion pound fund remains untouched, caught between international sanctions and competing philanthropic agendas.