Today, at my direction, the Office of Financial Sanctions Implementation (OFSI) issued a licence permitting the transfer of over £2.5 billion from the sale of Chelsea Football Club to a new charitable foundation. The foundation will spend these proceeds for the benefit of the victims of the invasion in Ukraine.

The Government would have preferred to take this action with the cooperation of Roman Abramovich and his company, Fordstam Ltd. However that has not materialised, and it is unacceptable that the funds remain frozen while Ukraine continues to suffer.

The Government is urging Mr Abramovich to act without delay. We will consider any proposal from Mr Abramovich to make use of this clear legal route to establish the foundation and transfer the funds under the terms of the licence. I confirm this Government’s commitment to use all tools within its power, including pursuing the matter in Court if necessary, to release these proceeds.

https://www.theyworkforyou.com/wms/?id=2025-12-17.hcws1196.0