The British government threatens to sue former Chelsea football club owner Roman Abramovich to ensure that the money sold by the club is handed over to Ukraine.
The £2.5 billion proceeds have been frozen in UK bank accounts since the sale, which Mr Abramovich approved after Russia's full-scale invasion of Ukraine in February 2022.
The British government hopes the money is provided for Ukrainian humanitarian aid, but Mr Abramovich said he wants the money to go to “all victims of the Ukrainian war”.
“While the door to negotiations will remain open, we are ready to make a full effort through the court if needed,” Prime Minister Rachel Reeves and Foreign Secretary David Lammy said in a joint statement.
They said they want to “make sure that people in Ukraine can benefit from these benefits as soon as possible”.
They added: “After the illegal full-scale invasion of Russia, the government is determined to see the proceeds from the sale of Chelsea Football Club reach the humanitarian cause of Ukraine.
“So far, we are very frustrated that there is no consensus with Mr. Abramovich.”
The delay in freeing funds has focused on the division between the UK government and its lawyers.
Russian billionaire Mr. Abramovich, who made a fortune in oil and gas, received a special license to sell Chelsea after Russia’s invasion of Ukraine, as long as he can prove that he would not benefit from the sale.
He allegedly has close ties with Russian President Vladimir Putin, which he denied.
He was unable to obtain £2.5 billion in sales proceeds under British sanctions, but the money is still legal to him.
When he announced the decision to sell the club, he said the proceeds from the sale would be donated through the foundation “in the interest of all victims of the Ukrainian war,” including the war in Russia.
The British government backed down and believed that the funds should be used only for humanitarian efforts in Ukraine.
A committee of the House of Lords committee said last year that Mr. Abramovich's commitment to using the funds to support Ukraine has not yet been realized and that assets are still frozen are “uncomprehensible”.
“This impasse reflects that both Mr. Abramovich and the government should promote a more binding commitment,” the report said.
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