Published by Global Banking & Finance Review®
Posted on March 9, 2026
3 min readLast updated: April 1, 2026
Add as preferred source on GoogleAbramovich’s legal team asserts the £2.5 billion from Chelsea’s sale remains his property and pledges to contest any UK confiscation, blaming the government’s restrictive terms and public posturing for the nearly four‑year delay in disbursing the funds.
By Andrew MacAskill
LONDON, March 9 (Reuters) - Lawyers for Russian businessman Roman Abramovich warned the British government on Monday that he would fight any attempt to seize the 2.5 billion pounds ($3.34 billion) from the sale of Chelsea soccer club, saying the money belongs to him.
The British government sanctioned Abramovich in a crackdown on Russian oligarchs following Moscow's full-scale invasion of Ukraine, triggering a rushed sale of the Premier League club in 2022.
Almost four years later, the money remains frozen in a British bank account because of a dispute over how the money would be used. The British government warned Abramovich last year he must release the cash, or he could be taken to court.
Abramovich's lawyers at Kobre & Kim said the money from the sale remains "wholly owned" by their client and accused the government of "politically charged and highly publicised statements" on him.
They said Abramovich remains fully committed to using the money for charitable purposes and the government's restrictions on how it can be spent were to blame for the delay.
"The UK government appears to be treating this proposed donation as a form of punitive measure against Mr Abramovich," the lawyers said in the letter, seen by Reuters.
In response to the letter, Britain's foreign minister Yvette Cooper, said: "It is time Roman Abramovich does the right thing but if he won't we will act".
Britain wants the money spent only in Ukraine in line with a wider European push for Moscow to foot the bill for the vast destruction and deaths triggered by its invasion.
Abramovich wants more flexibility over how the money would be spent, according to sources.
British Prime Minister Keir Starmer said in December that "the clock is ticking" over finding a resolution.
Abramovich's lawyers said if the government opens formal confiscation proceedings it would be contested in court.
"The proposal to donate these proceeds was initiated by Mr Abramovich prior to the imposition of sanctions, and he remains fully committed to ensuring that the funds are used for charitable purposes," the letter said.
(Reporting by Andrew MacAskill; Editing by Andrew Cawthorne)
The UK government wants the £2.5bn from the Chelsea sale to be spent only in Ukraine as part of sanctions after Russia's invasion.
Abramovich insists the money is his, remains committed to donating it for charitable purposes, and blames government restrictions for the delay.
The money remains frozen in a UK account due to a dispute over how the funds should be used, with the government imposing restrictions.
Yes, Abramovich’s lawyers say he will contest any formal confiscation proceedings in court.
The government wants the money released and spent only in Ukraine, or else may pursue court action to seize the funds.
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