UK Allows Abramovich to Spend Chelsea Sale Proceeds Only on Ukraine

The British authorities have prohibited a fund aimed at assisting those affected by the war in Ukraine from using the proceeds from Roman Abramovich's sale of Chelsea football club outside the Ukrainian borders. This was announced by the head of the fund, former executive director of UNICEF UK, Mike Penrose, in an article for The Times.

Penrose reminded that all the revenue from the sale of the club by Abramovich was transferred to their fund, which is supposed to redirect the money to the victims of the war in Ukraine and its aftermath. The British government has agreed to these conditions.

According to Penrose, a significant indirect consequence of the war is the enormous number of refugees in other countries. They are already living in unstable conditions, facing great difficulties due to interruptions in the export of essential goods. However, under the current conditions set by the British government, the fund will not be able to alleviate these issues and engage international experts to assist Ukrainian organizations, including in the education of displaced Ukrainian children. He called the idea that approximately £2.35 billion cannot be spent to help the most vulnerable people, wherever they may be, "almost shameless."

In April 2023, the British authorities delayed a transfer of $2.9 billion from Roman Abramovich to the fund assisting those affected by the war in Ukraine, freezing the funds on a British account. According to Bloomberg, after the sale of the club, Abramovich himself proposed to create a charitable foundation and transfer all proceeds from the transaction to those affected by the Ukrainian war. Obstacles have arisen in sending material assistance due to Abramovich being under sanctions.

The sanctions against Abramovich were imposed by the UK and the EU in March 2022 due to his ties with the Russian government. Abramovich himself has denied any financial links with the Kremlin and has filed a lawsuit demanding the lifting of the restrictions. The Ukrainian government has included Abramovich on its sanctions list.