Chelsea takeover funds promised to Ukraine 'sat in Abramovich's bank'

£2.5billion funds from sale of Chelsea promised to Ukrainian war victims ‘are STILL sitting in Roman Abramovich’s bank account’ three months after the deal, Labour MP Chris Bryant claims

• Funds remain in the oligarch’s bank account six months after he was sanctioned
• Action take to put pressure on and isolate Vladimir Putin following the invasion
• Mr Bryant questioned why it was ‘taking so long’ to get the money to Ukraine 

Some £2.5 billion in funds from the sale of Chelsea Football Club have still not reached Ukrainians and are ‘sitting in Roman Abramovich’s bank account’ three months after the deal, an MP said today.

The Stamford Bridge club was sold after Abramovich – its former owner – was sanctioned as part of the UK’s efforts to target Russian oligarchs and to put pressure on and isolate president Vladimir Putin following the invasion of Ukraine.

American magnate Todd Boehly bought the west London outfit in May for £4.25bn, with an expected £2.5bn in proceeds from the sale frozen in a UK bank account.

This would allow those funds to be diverted to a new charitable foundation to aid victims of the war in Ukraine.

However, Labour MP Chris Bryant revealed today that the cash hadn’t been moved and was still under the ownership of Abramovich. 

A Government minister said they could not comment on specific cases.

The Stamford Bridge club was sold earlier this year after owner Roman Abramovich (pictured) was sanctioned as part of the UK’s efforts to target Russian oligarchs and to put pressure on and isolate president Vladimir Putin following the invasion of Ukraine

Kai Havertz of Chelsea celebrates after scoring their team’s second goal against West Ham on Saturday

The funds were due to be diverted to a new charitable foundation to aid victims of the war in Ukraine (pictured, a woman whose daughter and son-in-law died after a building was destroyed by Russian shelling)

Local resident Tamara, 71, cries in front of an apartment building destroyed during Ukraine-Russia conflict in the southern port city of Mariupol

Labour MP Chris Bryant revealed today that the cash hadn’t been moved and was still under the control of Abramovich

Speaking at a session of questions to the Foreign, Commonwealth and Development Office in the Commons, Mr Bryant asked why the money was ‘taking so long’ to get it to the people of Ukraine. 

The Labour MP for Rhondda said: ‘One of the people who is sanctioned in the UK is Roman Abramovich. Chelsea was sold on May 30, but the billions of pounds are sitting in his bank account because the Foreign Office still hasn’t set up the fund so that the money can be given to the people of Ukraine.

‘Why is the Foreign Office taking so long? When is it going to be sorted?’

Foreign Office minister Rehman Chishti said: ‘Whilst I cannot comment on specific cases, what I would say is that 1,100 individuals, including 123 oligarchs and their family members with a global net worth of £130billion, over 120 entities including all subsidiaries owned by these entities, and 19 Russian banks with global assets of around £940bn, or over 80 per cent of the Russian banking sector, in conjunction with partners, over 60 per cent of Russia’s central bank foreign reserves, have been frozen.

‘That demonstrates our commitment that we will do everything we possibly can, applying our criteria set by this Parliament, to bring those to account.’

‘Nonsense,’ Bryant shouted across the chamber in reply.

Source: Read Full Article