British Prime Minister Keir Starmer has issued a stern warning to Russian-Israeli billionaire Roman Abramovich, demanding he honour his commitment to release £2.5 billion ($3.4 billion) in frozen proceeds from the 2022 sale of Chelsea Football Club to support Ukraine’s war victims.
Addressing Parliament on Wednesday, 17th December 2025, Starmer delivered an unequivocal message to the former Chelsea owner: “Honour the commitment you made and pay up now, and if you don’t, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.” The Prime Minister’s statement marks a significant escalation in the British government’s efforts to redirect the substantial sum towards humanitarian aid for Ukraine, nearly four years after Russia’s invasion began.
The funds in question have remained frozen in a UK bank account since May 2022, when a consortium led by American businessman Todd Boehly purchased the Premier League club. Abramovich was forced to sell Chelsea after being sanctioned by the UK government following Russian President Vladimir Putin’s invasion of Ukraine in February 2022. According to the UK government, the proceeds were intended to support humanitarian purposes specifically in Ukraine, reflecting the broader international response to the conflict that has displaced millions and caused extensive civilian casualties.
However, a critical sticking point has emerged in the dispute over the funds’ allocation. The British government maintains that the money should be directed exclusively towards humanitarian efforts in Ukraine, whilst Abramovich insists the proceeds should benefit all victims of the conflict, including those in Russia. This fundamental disagreement has prevented the release of the frozen assets for more than three years, prompting government ministers to express their frustration publicly in June 2025.
The legal complexity surrounding the frozen funds stems from their current status. Despite being held in a UK bank account, the proceeds still legally belong to Abramovich and cannot be transferred without explicit authorisation from the Office of Financial Sanctions Implementation. In his parliamentary statement, Starmer announced that the government is now issuing such a licence to facilitate the transfer of the £2.5 billion.
“I can announce that we’re issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that’s been frozen since 2022,” the Prime Minister told lawmakers. He added pointedly, “My message to Abramovich is this: the clock is ticking,” signalling the government’s readiness to pursue legal action if voluntary compliance is not forthcoming.
Abramovich, 59, acquired Chelsea in 2003 and transformed the club into one of European football’s dominant forces. Under his ownership, Chelsea experienced unprecedented success, winning two Champions League titles, five Premier League championships, five FA Cups, two Europa Leagues, and a Club World Cup. His estimated fortune stood at $14.5 billion in 2021, according to various wealth tracking organisations, making him one of Russia’s most prominent oligarchs with international business interests.
The sanctioning of Abramovich and other Russian oligarchs formed part of a coordinated Western response to Russia’s military aggression in Ukraine. The UK government, alongside the European Union and the United States, implemented sweeping economic sanctions designed to pressure the Russian government and individuals closely associated with Putin’s regime. The forced sale of Chelsea represented one of the most visible consequences of these sanctions, demonstrating the reach of international financial measures into high-profile assets.
The Prime Minister’s warning carries significant implications for both humanitarian aid delivery and international sanctions enforcement. The £2.5 billion represents one of the largest single pools of sanctioned assets held by the UK government, and its successful redirection to Ukraine could provide substantial resources for reconstruction efforts, medical care, and support for displaced persons. According to United Nations figures, millions of Ukrainians have been affected by the ongoing conflict, with widespread destruction of civilian infrastructure and essential services.
The government’s decision to issue a licence for the fund transfer whilst simultaneously threatening court action suggests a dual-track approach aimed at resolving the impasse. Legal experts note that such proceedings could set important precedents for how sanctioned assets are handled and whether beneficiaries’ stated intentions for frozen funds can be overridden by government directives in the interest of international humanitarian objectives.
Starmer’s parliamentary announcement received cross-party attention, reflecting the continued political significance of the Ukraine conflict in British policy. The government’s stance aligns with the UK’s broader commitment to supporting Ukraine, which has included military aid, training programmes for Ukrainian forces, and diplomatic efforts to maintain international coalition support for Kyiv.
The current ownership consortium at Chelsea, led by Boehly and supported by a group of American investors, has not been implicated in the dispute over the frozen proceeds. The club has continued operations under new management, though the shadow of the frozen billions and their intended purpose remains a notable footnote to one of football’s most significant ownership transitions.