Roman Abramovich set to defy Keir Starmer as Prime Minister fails to secure £2.35billion for Ukraine victims

Ed Griffiths
Wed, 01 Apr 2026 12:47:04 +0000

Roman Abramovich is understood to be establishing a charitable foundation this week that would direct the £2.35billion from Chelsea's sale to conflict victims across the globe, directly challenging the UK government's position that funds must be spent exclusively within Ukraine.

The Charity Commission registration is proceeding without ministerial approval, a decision likely to unsettle Sir Keir Starmer's administration, which has repeatedly threatened legal action against the Russian billionaire.

When the Todd Boehly-led Clearlake consortium acquired the west London club in May 2022, Abramovich had pledged to donate all net proceeds to charitable causes.

The funds have remained in limbo since his sanctioning over alleged connections to Vladimir Putin.

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The disagreement over where the money should be spent has contributed to nearly four years of deadlock.

Mike Penrose, who previously served as chief executive of Unicef UK, is leading the registration effort despite the absence of government consent.

Jan Egeland, a former senior Norwegian diplomat and adviser to Kofi Annan at the United Nations, was initially appointed as the foundation's interim chairman.

The charity's stated purpose will be to save lives and alleviate suffering by providing humanitarian aid to conflict victims worldwide, delivered through grants to organisations capable of providing relief, post-conflict assistance, and reconstruction.

Mr Penrose said in a statement: "I can confirm that I am preparing a submission to the Charity Commission to register a new foundation dedicated to supporting victims of conflict worldwide."

He added that the application would be submitted this week and expressed confidence in the board's humanitarian expertise.

A representative of Mr Abramovich said: "Our understanding is that a foundation is currently in the process of being registered, which we welcome. Mr Abramovich maintains his intention to donate funds to humanitarian causes once the relevant legal obstacles are resolved."

The Prime Minister had set a deadline of March 17 for the release of funds to Ukrainian war victims, threatening court action for a second time.

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Abramovich's legal team responded by asserting that the proceeds are "wholly" his property and that he would contest any confiscation attempts.

Following this communication, the government announced last week that it would initiate "further steps" to seize the money.

Despite the public confrontation, ministers have privately indicated willingness to meet with Abramovich's representatives to discuss the impasse.

The funds cannot yet be disbursed, regardless of the charity's establishment, as the account remains frozen amid an ongoing legal battle between Abramovich and Jersey authorities.

The Royal Court of Jersey imposed a freezing order on approximately $7billion of his assets in April 2022, just weeks after his charitable pledge.

Jersey's attorney general identified Abramovich as a suspect in a criminal inquiry, prompting the Russian to launch legal proceedings to clear his name.

This dispute has created additional complications for releasing the Chelsea sale proceeds.

Fordstam, Abramovich's UK-registered company that holds the £2.35billion, owes £1.5billion to Camberley International Investments, a Jersey parent company subject to the asset freeze.

However, sources familiar with the negotiations maintain that this debt will not reduce the total amount set aside for war victims.