British Foreign Secretary David Lemmy has promised to take steps to unlock the £2.3 billion raised from the sale of Chelsea football club by Russian billionaire Roman Abramovich.
Points of attention
- Britain is taking steps to unfreeze £2.3 billion from the sale of Chelsea FC by Roman Abramovich to provide aid to Ukraine.
- Foreign Secretary David Lemmy is prioritizing assistance for victims of the war in Ukraine and is committed to resolving legal difficulties in fund distribution.
- The UK government aims for the money to be spent inside Ukraine, while a trust with former UNICEF UK executive director Mike Penrose seeks flexibility to aid refugees escaping the conflict.
Britain promised new aid to Ukraine from frozen Russian assets
The funds that the British government has frozen and wants to redirect to Ukraine have been sitting in the bank account of a special trust for two years, and negotiations about how exactly this money should be used are dragging on.
I'm disappointed that it didn't happen, that's true — and that the money needs to be distributed, it needs to be used.
David Lemmy
He noted that he was moving to an “action-oriented approach” to try to break the impasse.
Lemmy stressed that his “first instinct is not to go to court” because that path “takes time.” However, informed sources say that going to court to resolve the issue is one of the options the minister is considering.
Another option is to strike a deal with a trust that will be set up to manage the funds. While Lemmy acknowledged that there are “legal complexities” surrounding the issue, he promised that everything would be done.
"I am determined to see this money 'out the door' and will do everything in my power to make it happen," the British Foreign Secretary said.
The UK government's position is that the money should be spent inside Ukraine, while the controversial fund, which includes former UNICEF UK executive director Mike Penrose, is insisting on flexibility to support refugees fleeing the war, sources familiar with the dispute told the publication.
Recall that the Court of Justice of the European Union upheld the restrictive measures that the EU Council imposed against Russian oligarch Roman Abramovich after the start of Russia's full-scale invasion of Ukraine.
Abramovich was allowed to sell Chelsea on the condition that the money go to help victims of Russia's war against Ukraine. He sold the club to a consortium led by American investor Todd Bely in May 2022.
