Russian businessman Abramovich refuses to transfer money to sell Chelsea to Ukraine

The problem is that Roman Abramovich wants a significant portion of the money to go to Russia. And neither the British government nor the European Commission will agree to such a move as long as sanctions against Russia remain in place. Surprisingly, it seems that Abramovich, who is under sanctions, should “sign” the release order, which he has so far refused to do because he wants the money to be distributed to both Russia and Ukraine.

Foreign Office sources have confirmed this is the case, with no guarantee the money will be released before the government goes on summer break next month, Foreign Secretary James Cleverly said last week. Ministers will return in September.

“We want to make sure the money goes to its intended recipients,” Cleverly said. “I want to be absolutely certain that that happens.”

“We were hoping for the money to be transferred last summer, then we were hoping for a development in January,” a source close to the fund said.

“It is possible that money will start flowing into Ukraine before harsh winter conditions return later this year, but there is currently no guarantee this will happen,” the source said.

Chelsea sale

Abramovich was forced to sell Chelsea last year when he knew he would be punished. American billionaire Todd Boehly paid £2.5 billion for the club, leaving £2.3 billion after costs of the deal. At the time of the sale, Abramovich's press office said he "wanted the proceeds to be donated to charity to support the needs of victims on both sides of the conflict".

£2.3bn remains in a frozen UK bank account owned by Fordstam, a company controlled by Abramovich, and the Foreign Office has yet to authorise the transfer.