The Russian oligarch who was compelled to dispose of Chelsea Football Club has launched a scathing attack on ministers for obstructing the distribution of proceeds from the £2.35 billion transaction.
Roman Abramovich claims officials have effectively frozen attempts to allocate funds intended for those affected by the Ukraine conflict.
Recently disclosed financial documents paint a stark picture of the actual sum available for humanitarian purposes.
The accounts indicate that merely £987 million might ultimately benefit war victims, a figure drastically reduced from the original sale price.
Roman Abramovich was sanctioned by the UK in 2022 due to his links with Vladimir Putin | GettyThe substantial shortfall stems from outstanding obligations totalling £1.54 billion owed to entities controlled by the sanctioned businessman.
These debts must be satisfied before any charitable distributions can occur, according to the newly published records.
The financial arrangements reveal that Fordstam Limited, Chelsea's former parent entity owned by Abramovich, holds the entire £2.3 billion in its accounts following transaction costs.
The company's delayed financial statements, eventually authorised on 10 October this year, detail substantial liabilities to related parties.
Camberley International Investments Limited, a Jersey-registered firm under Abramovich's control, is owed £1.42 billion alone.
The total outstanding obligations to connected entities reached £1.54 billion by 30 June 2022.
These funds remain inaccessible without authorisation from the Office of Financial Sanctions Implementation.
The £2.35billion in proceeds from the sale of Chelsea FC remain sat in a UK bank account
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The regulatory body must grant specific licensing before any transfers can proceed, whether for debt settlement or charitable purposes.
The accounts explicitly state that only "net proceeds" following the resolution of all balance sheet obligations would be allocated to a charitable foundation established for Ukraine conflict victims.
In an unusual public intervention, Abramovich's representatives have broken their silence to condemn the Government's handling of the frozen assets.
The oligarch's spokesperson told The Telegraph that ministerial actions have left his financial structures "effectively paralysed since 2022".
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"Due to sanctions and a range of other governmental actions, Camberley International Investments Limited, as well as other structures with any form of historic link to Mr Abramovich, have been effectively paralysed since 2022," the statement declared.
The spokesperson emphasised that no movement of the frozen capital is feasible without explicit governmental consent. Most damningly, they asserted: "The UK Government has not proposed any legal solution to this current situation."
This marks a significant escalation in the dispute over the Chelsea sale proceeds, which have remained untouched since the forced disposal three years ago.
Ministers issued stern warnings to the former Chelsea proprietor in June, with Chancellor Rachel Reeves and then-Foreign Secretary David Lammy expressing their exasperation at the stalled negotiations.
The Government declared itself "deeply frustrated" by the failure to reach an agreement with Abramovich regarding the fund distribution.
"The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," officials stated at the time.
The statement continued with a clear ultimatum: "While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible."
This threat of litigation underscored the mounting tensions between Whitehall and the sanctioned businessman over the protracted deadlock.
The disagreement extends beyond procedural matters to fundamental questions about beneficiary eligibility. Since the 2022 sale announcement, Abramovich has maintained that proceeds should assist casualties on both sides of the conflict, encompassing Russians alongside Ukrainians.
Roman Abramovich was a popular owner during his time at Chelsea | PAHis press office confirmed at the time that he "wanted the proceeds to be transferred to a charitable foundation for the needs of the victims on both sides of the conflict between Russia and Ukraine". This position has remained unchanged throughout the three-year impasse.
The British Government appears to favour a more restrictive approach to fund distribution, though specific ministerial preferences remain undisclosed. This philosophical divide represents another obstacle preventing the release of the £2.3 billion, which continues to languish in Fordstam Limited's frozen accounts.