Cash raised from the sale of Chelsea, which was supposed to profit victims of the conflict in Ukraine, has nonetheless not been launched.
The Overseas Workplace has confirmed that the proceeds from the £2.5bn sale virtually three years in the past stay frozen in a UK checking account.
Former proprietor Roman Abramovich was compelled to promote Chelsea in Might 2022.
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He had been sanctioned by former Prime Minister Boris Johnson’s UK authorities after Russia’s full-scale invasion of Ukraine due to his shut ties to Russian president Vladimir Putin.
When requested what has occurred to the cash on Monday, a Overseas, Commonwealth & Improvement Workplace spokesperson stated: “This authorities is working exhausting to make sure the proceeds from the sale of Chelsea FC attain humanitarian causes in Ukraine as rapidly as potential.
“The proceeds are at the moment frozen in a UK checking account whereas a brand new impartial basis is established to handle and distribute the cash.
“UK officers proceed to carry discussions with Mr Abramovich’s representatives, consultants and worldwide companions, and we’ll double down on our efforts to succeed in a decision.”
The UK authorities’s place – which has not modified since Sir Keir Starmer’s Labour Celebration changed the Conservatives – is that the cash can solely be used for humanitarian functions in Ukraine.
Abramovich has stated he needs the funds to profit “all victims of the conflict” which may imply a few of the cash going to Russia.
The Charity Fee has confirmed they haven’t but obtained an software to determine a basis to distribute the funds.
Chancellor Rachel Reeves signed a take care of Ukraine’s Finance Minister Sergii Marchenko on Saturday to ship £2.2bn of funding to Ukraine’s navy.
The funding will likely be paid again utilizing the earnings generated on sanctioned Russian sovereign belongings held within the European Union.
The funds don’t embrace any of the proceeds from the Chelsea sale.