UK Government Faces Criticism Over Abramovich’s $2.3 Billion Ukraine Fund

Exclusive: Former Chelsea owner’s representative criticizes UK sanctions amid growing doubts over allocating sale proceeds to war victims

People close to Abramovich have criticized the UK sanctions against him. They are speaking out as hopes for resolving the three-year deadlock over a $2.3 billion fund for Ukraine dimishes.

Roman Abramovich stated in 2022 that he would donate the profits from selling Chelsea Football Club to ‘all victims’ of the Ukraine war. Acclaim:

In a rare public statement, they criticize the government’s lack of a legal solution for the frozen Russian assets since 2022. Advertisement

This marks Abramovich’s first public comment on sanctions since he pledged in 2022 to donate “net proceeds” from his Chelsea sale to “all victims” of the Ukraine war.

At that time, Abramovich said he would “not be asking for any loans to be repaid.” Recently, overdue accounts from Fordstam Ltd, Chelsea’s former parent company, stated the donation would be made “after allowing for other balance sheet items.”

However, Abramovich’s team’s new statement confirms that “no actions in relation to the frozen funds are possible” at the moment.

“Due to sanctions and other government measures, Camberley International Investments Limited, along with other entities linked to Mr. Abramovich, have been effectively paralyzed since 2022,” said Abramovich’s spokesman. “As a result, no actions related to the frozen funds can be taken without government approval. The UK Government has yet to propose a legal solution to this situation.” Advertisement

People involved in negotiations still believe the frozen fund, after deducting for a foundation, is worth around £2.35 billion for Ukraine.

If Abramovich-linked business loans to Fordstam weren’t wiped out, the remaining frozen amount would be about £987 million.

The money remains in limbo because Abramovich refuses to accept the conditions set by successive governments, which require the funds be used only within Ukraine.

The Fordstam accounts for the year ending June 2022, signed on October 10, 2025, state: “The owner of Fordstam Limited, Roman Abramovich, announced that the company will gift the net proceeds of sale, after accounting for other balance sheet items, to a charitable foundation set up to benefit those affected by the Ukraine war. Once this is done and all balance sheet items are settled, the company plans to liquidate.”

Accounts also show that Blueco 22 Ltd, the consortium owned by Clearlake and Todd Boehly that bought Chelsea, held back £150 million to cover “losses incurred by any member of the CFC group from the acquisition date to the payment date related to events before the acquisition.” Telegraphed in June 2022, this amount was held due to “unforeseen liabilities.”

Eugene Tenenbaum (left), a former Chelsea director and key associate of Abramovich, is pictured Credit: Getty Images/AMA/Corbis

Accounts show that Eugene Tenenbaum, another Chelsea former director who was also sanctioned after being accused of controlling some of Abramovich’s Jersey assets, was allowed to receive a payment from the club under terms approved by the Office of Financial Sanctions Implementation. Sources say the funds were paid to HMRC for taxes.

Sanctions against Tenenbaum were coordinated with Jersey authorities, who also froze assets linked to Abramovich valued at over £5 billion. Tenenbaum describes himself as one of Abramovich’s closest business associates.

The government states that corporate filings show Tenenbaum took control of Ervington Investments Limited, an Abramovich-linked investment firm, on February 24, 2022, immediately after Russia’s invasion of Ukraine.

Meanwhile, successive governments have made no progress on releasing the pledged funds for Ukraine. Ministers insist the funds must only be spent within Ukraine.

Earlier this year, pursuing Abramovich for the funds through courts was considered. A government spokesperson said: “The Government is determined to see the full proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion. We are deeply frustrated that it has not been possible to reach agreement on this with Mr. Abramovich so far. While the door for negotiations will remain open, we are prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”