David Taylor, a member of the British Parliament, asked His Majesty’s Treasury if it was cooperating with the EU and G7 to transfer the frozen proceeds from Chelsea FC sale.
Lucy Rigby, the Economic Secretary to the Treasury, answered the question. She said that the government was trying to use the proceeds for humanitarian purposes in Ukraine as soon as possible, but that these revenues were not sovereign Russian assets but rather funds belonging to a private organization, Fordstam Ltd, which was owned by Roman Abramovich, who was under UK sanctions.
“In common with all other frozen funds, the proceeds from the sale of Chelsea Football Club remain the property of the Designated Person. Agreement must be given by Fordstam Ltd for these funds to be transferred to a new independent charitable foundation for humanitarian assistance in Ukraine. To date, they have not provided this agreement. While the door for negotiating an agreement remains open, the Government is fully prepared to pursue this matter through the courts if required,” noted Lucy Rigby.
The Russian billionaire Roman Abramovich sold Chelsea FC in 2022 due to UK sanctions. The authorities assumed that the money from the sale would go to charity. They wanted the funds to be used to help Ukraine in the UK.
