Lawyers representing Russian billionaire Roman Abramovich have insisted that the £2.5 billion proceeds from the 2022 sale of Chelsea FC remain the property of their client, warning the UK government that any attempt to seize the funds will be vigorously contested in court.
The money, generated after Abramovich faced sanctions following Russia’s invasion of Ukraine, has remained frozen in a UK bank account for more than three years. Abramovich had previously pledged to donate the funds to support Ukrainian war victims, but legal complications have prevented their release.
According to his legal team at Kobre & Kim, the billionaire voluntarily agreed to the donation but maintains that the funds are held by Fordstam Limited, a company wholly owned by Abramovich, and that he will fulfil the pledge once legal matters are resolved.
“The funds, although currently frozen, remain the property of Fordstam Limited,” the lawyers stated, adding that any confiscation attempt by the government would be met with legal challenge.
The dispute has escalated as the British government seeks to redirect the money to aid Ukraine’s reconstruction and support victims of the war. UK Foreign Secretary Yvette Cooper responded sharply to Abramovich’s legal stance, urging the billionaire to honour his original commitment.
“This money was promised to Ukraine over three years ago,” Cooper said. “It is time Roman Abramovich does the right thing. If he won’t, we will act.”
Prime Minister Keir Starmer had similarly warned Abramovich in December 2025, telling Parliament: “My message to Abramovich is clear: the clock is ticking.”
Abramovich’s representatives, however, cite ongoing legal investigations in Jersey into the origin of his wealth and frozen assets linked to trusts associated with him as the reason for the delay. In April 2022, the Royal Court of Jersey froze approximately $7 billion in assets connected to the billionaire as part of a criminal probe.
As the standoff continues, Abramovich’s legal team maintains that the billionaire remains committed to donating the funds, but insists the transfer must occur within the bounds of the law. The case highlights the complex intersection of sanctions enforcement, international law, and billionaire philanthropy in the context of ongoing geopolitical tensions.
ELIJAH ADEYEMI
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