Sir Keir Starmer has warned Russian billionaire Roman Abramovich that the “clock is ticking” for him to hand over the £2.5bn he received from the sale of Chelsea football club.
The prime minister announced that the licence has been issued for the money to be transferred to the people of Ukraine suffering at the hands of Russian invasion.
Speaking during PMQs, Sir Keir said: “The clock is ticking on Roman Abramovich to honour the commitment he made when Chelsea FC was sold and transfer the £2.5 billion to a humanitarian cause for Ukraine.
“This government is prepared to enforce it through the courts so that every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
Mr Abramovich, who was the governor of the region of Chukotka between 2000 and 2008, was forced to sell Chelsea after the Ukraine invasion because of his links to Russian president Vladimir Putin.
But The Independent understands that Mr Abramovich has told the government that he cannot transfer the money until a case brought against him by the government of Jersey over the origin of his wealth is dropped.
The multi-billion-pound proceeds have been frozen in a UK bank account since the sale in 2022, when the UK government sanctioned RoMr Abramovich after Russia’s full-scale invasion of Ukraine due to his close ties with Putin.
The oligarch had pledged to donate the proceeds from the sale to the people of Ukraine, but he has so far failed to reach an agreement with the Government on a way forward and the funds remain frozen.
Wednesday’s decision to grant a licence for the transfer is an effort to force Abramovich to fulfil his promise before the Government resorts to legal action.
The government previously raised the possibility of legal action in June, when Chancellor Rachel Reeves and then-foreign secretary David Lammy said they were “frustrated” by the failure to reach an agreement with Abramovich.
Chancellor Rachel Reeves added: “It’s unacceptable that more than £2.5 billion of money owed to the Ukrainian people can be allowed to remain frozen in a UK bank account. It’s time for Roman Abramovich to pay up.
“If he doesn’t act then we are prepared to do what is necessary to make sure that money get to the Ukrainian people.”
Foreign secretary Yvette Cooper said: “This money was promised to Ukraine over three years ago. It is time Roman Abramovich does the right thing, but if he won’t we will act.
“That’s why the licence has been issued. It is time this money was used to rebuild the lives of people who’ve seen devastation as a result of Putin’s illegal war.”