Russian oligarch Roman Abramovich, who is currently facing the effects of Western sanctions, is refusing to sign an agreement on the release of £2.3 billion to a foundation for Ukraine's needs because he wants some of the funds to go to Russians who have also been affected by the war.
Details: Abramovich reportedly wants part of the proceeds from the sale of Chelsea FC to go to help "Russians affected by the war".
The Daily Mail adds that neither the British government nor the European Commission will agree to that while sanctions against the Russian Federation are in effect.
Government sources confirmed to the Daily Mail that this was the case. According to UK Foreign Secretary James Cleverly, there is currently no certainty that the funds will be paid out before the government breaks for summer recess next month.
"We want to make sure that the money that is released goes exclusively to the recipients it is aimed at. I need full reassurance that is the case," Cleverly said.
Representatives of the foundation had hoped the funds would be transferred last summer. Now they expect the funds to arrive in Ukraine before winter sets in.
Trusts holding billions of dollars of Roman Abramovich's assets were reorganised in early February 2022 to transfer beneficial ownership to his children shortly before sanctions were imposed on the Russian oligarch.
The sale of Chelsea FC to an American consortium headed by Todd Boehly was closed in January. The English club has been owned by Russian businessman Roman Abramovich since 2003.
Of the total investment, £2.5 billion will be used to purchase shares in the club; these proceeds will be transferred to a frozen bank account in the UK with the intention of 100% being donated to charity.
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Demiansmark on June 18th, 2023 at 13:29 UTC »
I remember when this sale was being made and it was reported that the money would go to 'help those impacted by the war' and thinking people are assuming that this means helping Ukrainians impacted by the war, but I'm not so sure that is what Roman is thinking.
SpaceDesignWarehouse on June 18th, 2023 at 13:06 UTC »
That title is difficult.
alinamelane on June 18th, 2023 at 12:23 UTC »
Summery: Russian oligarch Roman Abramovich has refused to sign an agreement allocating £2.3 billion to a fund for Ukraine due to his desire for some of the funds to aid "Russians who have suffered from the war." The British government and the European Commission have rejected this request, citing ongoing sanctions against Russia. British Foreign Secretary James Cleverly expressed uncertainty about the funds being released before the government's summer break. The fund representatives had hoped to transfer the funds last summer but now anticipate their arrival in Ukraine before winter. It is worth noting that trusts holding Abramovich's assets were restructured to transfer ownership to his children just before sanctions were imposed. The sale of Chelsea FC to an American consortium was completed in January, with £2.5 billion intended for purchasing shares and donating 100% to charity through a frozen bank account in the UK.