Roman Abramovich is refusing to approve the £2.3BN Ukraine is supposed to receive from the sale of Chelsea last year, and there are concerns that the money will never reach those who have been affected by Russia's war on the country.
The victims of Russia's assault on Ukraine may not receive the £2.3 billion in revenues from Chelsea's sale over a year ago, or they may not receive any money at all.
Roman Abramovich wants a sizable portion of the funds to go to Russia, or more specifically, Russians affected by the crisis, and it appears that this is where things are getting stuck. And as long as sanctions are in place against Russia due to Vladimir Putin's aggression towards Ukraine, neither the British government nor the European Commission will consent to such a move.
Surprisingly, it appears that Abramovich, who has already been sanctioned for his ties to the Putin administration, must'sign off' on the transfer of the monies. He has, however, so far refused to do so because he wants the money to be distributed throughout Russia as well as Ukraine.
This has been corroborated by sources in the foreign office, who also cite statements made last week by Secretary of State James Cleverly, who said he could not ensure that the funds will be cleared for disbursement before the government's break for the summer next month. In September, ministers come back.
We want to ensure that the funds supplied only benefit the intended recipients, it was cleverly said. I require complete confidence that this is the case.
According to a source familiar with the funds, it was anticipated that the money would be transferred last summer. After that, we awaited developments in January.
Although there are currently no assurances that would occur, we now hope that money will start arriving in Ukraine before the terrible winter conditions return at the end of the year.
Knowing he would face punishment, Abramovich was compelled to sell Chelsea last year. Todd Boehly, an American millionaire, spent £2.5 billion buy the club; after transaction-related costs, £2.3 billion was left. When the property was sold, Abramovich's press office declared that he 'intended the revenues to be given to a humanitarian foundation for the needs of the victims on both sides of the conflict between Russia and Ukraine.'
Fordstam, a business owned by Abramovich, still has the £2.3 billion in its blocked UK bank account, and the Foreign Office has not yet given the go-ahead for the transfer of the funds.
The money can only be allocated, according to the rules governing its release, to humanitarian initiatives in Ukraine.
A foundation established to handle the billions was not prepared to receive the money, cleverly informed a parliamentary committee. According to insiders with the charity, they had been prepared for some months.
