The British government is “pressing ahead” with paying more than £2bn from the sale of Chelsea FC for humanitarian purposes following the destruction of Ukraine by Vladimir Putin’s war, a minister has said. The Foreign Secretary, Baroness Chapman of Darlington, told Parliament that the Government was determined to make progress in releasing the funds. Two peers raised the case in the Lords on the sale of Roman Abramovich of the Premier League club more than two years ago. Liverpool MP Lord Alton asked the minister: “Can you tell us what progress has been made in releasing the funds in Ukraine from the £2.5 billion sale of Chelsea Football Club?”
Labor partner Lord McConnell of Glenscorrodale also said: “Today it is more than two years, almost two and a half years, since Chelsea Football Club was sold. “More than £ 2 billion is in an account here in London, waiting to be spent on reconstruction and humanitarian efforts not only in Ukraine, but in the countries of the world that have been affected by the situation in Ukraine, especially in relation to food. security, for example. what to do »
He added: “Lord Cameron succeeded, as foreign secretary, in accelerating action from the Foreign Office on this subject and began working towards the goal of unlocking these funds. Is the new government as determined as he is?” Will we see a solution to this problem in the coming months? »
The Foreign Secretary, Baroness Chapman, responded: “Since the beginning of the Russian invasion, the UK and our international partners have implemented the toughest set of sanctions ever imposed on a major economy.”
She said: “They are working: Putin himself admitted that the sanctions have caused” a colossal amount of difficulties “. Where we can do more, we will.” Thanks to the efforts of the United Kingdom and its allies, Putin is faced with extreme costs. from the conflict.
The minister said the UK had sanctioned more than 2,000 individuals and entities under the Russian sanctions regime, with more than £22bn of Russian assets now frozen as a result of UK financial sanctions. She added: “The noble Lords, Lord McConnell and Lord Alton, asked about Chelsea FC. “I assured the noble Lord that we are determined to make progress on this. “The money is kept in an account and will be released from that account only when we are sure that it will be spent on humanitarian work, but we are going in that direction.”
The £4.25 billion sale of Chelsea to a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital was completed in May 2022. Chelsea’s then owner Roman Abramovich said the profits from the sale will be used “for him announced his decision to sell the London club in March 2022, a month after Putin’s invasion of Ukraine. The Russian billionaire, who bought Chelsea for £140 million in 2003, has been sanctioned by the British government in response to Putin’s war. The delay in cashing out from the sale is thought to be due to a dispute over the use of funds.
