Russian oligarch Abramovich promised Ukraine money from Chelsea sale. Is it realistic to get it?
Photo: Roman Abramovich took part in the negotiations between Ukraine and Russia in Istanbul in the spring of 2022 (Getty Images)
According to Sergii Oberkovych, managing partner at the law firm GOLAW, there are three possible scenarios:
- confiscation;
- a court lawsuit by the UK government;
- negotiations between London and Abramovich’s lawyers.
A court process would take several years and span multiple jurisdictions, at least the United Kingdom and the island of Jersey (a British territory in the English Channel). It would also include Abramovich’s own legal action, which his side filed in the UK at the European Court of Human Rights in April this year.
"The option of confiscating Abramovich’s funds is complex and unlikely," Oberkovych said.
He added that UK sanctions legislation is primarily aimed at freezing assets and controlling their movement, rather than automatically stripping ownership and transferring them to a third country.
The most likely scenario remains the transfer of an agreed sum through a special fund — either as a result of negotiations or following a court ruling.
"Negotiations (between Abramovich’s lawyers and representatives of the UK government — ed.) are the fastest realistic mechanism, but even this could take from one to several years," Oberkovych said.
In March 2022, the UK government and the EU Council imposed sanctions on Roman Abramovich’s business. After that, the Russian oligarch decided to sell the Chelsea football club, which he had owned since 2003.
Abramovich’s side and the UK government reached an agreement under which the proceeds from the sale of the club (£2.5 billion) were supposed to go to humanitarian needs in Ukraine. However, the former owner’s lawyers argue that the funds should go to all victims of the war (Ukrainians and Russians).
As of June, Abramovich has not transferred the money; it remains frozen in accounts of his company in the United Kingdom.
On May 21, Abramovich visited Kyiv and met with Volodymyr Zelenskyy. During the meeting, the President stated that Ukraine rejects territorial concessions and told the Russian oligarch that Ukraine needs his funds.
