The £2.5bn generated from the sale of Premier League club Chelsea by Roman Abramovich remains frozen by the UK government after almost two years, rather than any being released to help Ukraine.
The west London club was put up for sale within days of the full-scale invasion of Ukraine by Russia before Abramovich was placed under sanctions in March 2022 over connections to Russian President Vladimir Putin.
The Blues were eventually sold to American sports tycoon Todd Boehly and investment firm Clearlake Capital in May 2022.
Mike Penrose, who has spent nearly three decades working for humanitarian causes, was tasked with forming a foundation to help causes in Ukraine.
He could not be reached for comment and the government was unable to say today why the foundation does not exist yet.
The Foreign, Commonwealth and Development Office told Sky News: “The proceeds from the sale of Chelsea FC are frozen in a UK bank account while independent experts establish a foundation to manage and distribute the money.
“A license will then be needed to move the funds to the foundation.
“We want this money to reach Ukraine as quickly as possible and remain open to any arrangement that clearly delivers this.”
Abramovich last had a known UK representative working for him in 2022.
But The Guardian reported last year that Abramovich’s representatives want the money going to humanitarian help for “all victims of the conflict in Ukraine”.
And Europe minister Leo Docherty said in December that there was a “disagreement” with the oligarch over whether the funds are only used inside Ukraine.
The House of Lords European affairs committee last month urged the government “to use available legal levers to solve this impasse rapidly” to ensure the Chelsea funds can be spent within Ukraine.
A committee report said: “We find it incomprehensible that the promise made by sanctioned Russian businessman Roman Abramovich to use the proceeds from the sale of Chelsea FC to support Ukraine remains unfulfilled, and that the assets remain frozen.
“This impasse reflects badly on both Mr Abramovich and the Government, which ought to have pushed for a more binding commitment.”
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