Lawyers for Russian businessman, Roman Abramovich, have warned the British government that he would fight any attempt to seize the 2.5 billion pounds ($3.34 billion) from the sale of Chelsea soccer club, saying the money belongs to him.
The British government sanctioned Abramovich in a crackdown on Russian oligarchs following Moscow’s full-scale invasion of Ukraine, triggering a rushed sale of the Premier League club in 2022.
Almost four years later, the money remains frozen in a British bank account because of a dispute over how the money would be used. The British government warned Abramovich last year he must release the cash, or he could be taken to court.
Abramovich’s lawyers at Kobre & Kim said the money from the sale remains “wholly owned” by their client and accused the government of “politically charged and highly publicised statements” on him.
They said Abramovich remains fully committed to using the money for charitable purposes and the government’s restrictions on how it can be spent were to blame for the delay.
“The UK government appears to be treating this proposed donation as a form of punitive measure against Mr. Abramovich,” the lawyers said in the letter, seen by Reuters.
In response to the letter, Britain’s Foreign Minister, Yvette Cooper, said: “It is time Roman Abramovich does the right thing; but if he won’t, we will act”.
Britain wants the money spent only in Ukraine, in line with a wider European push for Moscow to foot the bill for the vast destruction and deaths triggered by its invasion.
Abramovich wants more flexibility over how the money would be spent, according to sources.
British Prime Minister, Keir Starmer, said in December that “the clock is ticking” over finding a resolution.
Abramovich’s lawyers said if the government opens formal confiscation proceedings it would be contested in court.
“The proposal to donate these proceeds was initiated by Mr. Abramovich prior to the imposition of sanctions, and he remains fully committed to ensuring that the funds are used for charitable purposes,” the letter said.
