This post was originally published on this site.
Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Sir Keir Starmer has issued a licence to transfer £2.5bn of frozen assets from Roman Abramovich’s sale of Chelsea Football Club to Ukraine, warning the Russian former owner that the UK government was prepared to take him to court if he fails to commit the funds.
“My message to Abramovich is . . . the clock is ticking, honour the commitment you made and pay up now,” Starmer said during Prime Minister’s Questions on Wednesday.
“If you don’t, we’re prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
Abramovich was pressured by the UK government in 2022 to sell the club after Russia’s full-scale invasion of Ukraine. He was granted permission to sell the club so long as neither he nor his connections benefited from the sale.
The multibillion-pound proceeds have remained frozen in a UK bank account since the sale, after the UK government imposed sanctions on Abramovich due to his close links to Russian President Vladimir Putin.
This is a developing story
