Abramovich refuses to transfer $2.9bn from Chelsea sale to Ukraine

Russian tycoon Roman Abramovich is refusing to sign off the release of $2.9 billion made from his sale of English Premier League giant Chelsea to Ukraine, as he apparently wants a "substantial" part of the sum transferred to Russians affected by the conflict, a UK newspaper has reported.

The media outlet argued that neither the UK government nor the European Commission "will agree to such a move while sanctions are in place against Russia". The US and its allies slapped packages of sanctions on Moscow shortly after Russia invaded Ukraine on February 24 last year.

The newspaper also cited an unnamed source close to the above-mentioned funds as saying the hope is that "money will start arriving in Ukraine before harsh winter conditions set in again towards the end of the year, but there are currently no guarantees that will happen."

Abramovich was the owner of Chelsea from March 2003. In March 2022, he put the football club up for sale after the UK, in response to the Russian special operation, imposed sanctions against him.

The club was then bought by American businessman Todd Boehly's consortium, with the deal finalized in May 2022. Boehly paid a whopping $3.2 billion for the club, and after transaction-related expenses, $2.9bn was left.

Abramovich's press office said 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."