UK PM warns Abramovich 'clock is ticking' over Chelsea sale fund / Photo: OZAN KOSE - AFP
-
Vietnam, South Korea sign deals on tech, nuclear power
-
EU nears approval of Ukraine loan after Hungary pipeline row
-
Duterte jurisdiction appeal quashed at ICC
-
Three ships targeted in Hormuz, Iran seizes two: monitors, Guards
-
Iran says seized two ships seeking to cross Strait of Hormuz
-
Iran murals project defiance in war with US
-
Ships attacked in Gulf as Trump extends Iran ceasefire
-
Germany set to slash growth forecast due to Mideast war
-
Pakistan's capital holds its breath with US-Iran talks in limbo
-
Groundbreaking Iranian snooker star Vafaei takes on the world
-
Sakib Hussain: IPL quick whose mum sold her jewellery to fund cricket dream
-
US-based Buddhist monks bring peace walk to Sri Lanka
-
NASA unveils new space telescope to give 'atlas of the universe'
-
Trump extends ceasefire, claims Iran 'collapsing financially'
-
The tiny, defiant Nile island caught in the heart of Sudan's war
-
UK inflation jumps as Mideast war propels energy prices
-
Oil falls, stocks mixed as traders weigh outlook after Trump extends truce
-
Anthropic probes unauthorized access to Mythos AI model
-
Stadium that was symbol of NZ post-quake rebuild to hold first match
-
Blazers stun Spurs after Wemby injury, Lakers down Rockets
-
Chinese carmakers aim to build up presence in Europe
-
Maoist landmine legacy haunts India
-
Fiji villagers reject plan for 'Pacific ashtray' in beach paradise
-
India orders school water bells to beat heat
-
Japanese minnows one win from fairytale Champions League title
-
Rugby Australia eyes brighter future as Lions tour brings cash windfall
-
Blazers rally stuns Spurs after Wembanyama injury
-
Young Chinese use AI to launch one-person firms over job anxiety
-
Delicate extraction: Malaysia offers rare earths alternative to China
-
Oil, stocks fall as traders weigh outlook after Trump extends truce
-
Pope to visit prison on final leg of Africa tour
-
US military says key weapons system staying in South Korea
-
India strangles final Maoist bastion as mining looms
-
AI-powered robots offer new hope to German factories
-
Indonesia orangutan forest cleared for 'carbon-neutral' packaging firm
-
PGA Tour mulls pathway back for golfers as LIV plots survival
-
One month phone-free: Young Americans try digital detox
-
Questions about Tesla spending binge ahead of earnings
-
Rome summons Russian ambassador over insults against Meloni
-
US tells Afghans to choose Taliban home or DR Congo: activist
-
Survival Products, A First Class Air Company, Signs 10-Year Global Distribution Agreement With Boeing Distribution at MRO Americas
-
DOJO AI Raises $6M to Power Agentic Marketing Platform, Transforming Data Into Business Impact
-
Candescent Introduces Votiv, a Mobile Experience for the Intelligent Banking Era
-
ALT5 Sigma Corporation Announces Planned Rebrand to AI Financial Corporation (AiFi) and Nasdaq Ticker Change
-
IRS Penalty for Not Filing Is 10 Times Worse Than Not Paying - Clear Start Tax Breaks Down the Math Most Taxpayers Get Wrong
-
AutismTesting4Kids (AT4K) Now Offers Virtual Diagnostic Evaluations for Autism Spectrum Disorder, Providing Compliant and Thorough Evaluations Nationwide Within 30 Days
-
QumulusAI Secures $45 Million Convertible Note Facility to Accelerate GPU Infrastructure Deployment
-
Candescent Turns Business Banking into an Operating Platform
-
GameSquare Announces Largest Monthly Repurchase to Date, with the Repurchase of Nearly 2.3 Million Shares in April 2026
-
Amarc Announces Listing on Frankfurt Stock Exchange
UK PM warns Abramovich 'clock is ticking' over Chelsea sale fund
British Prime Minister Keir Starmer on Wednesday warned former Chelsea owner Roman Abramovich "the clock is ticking" over the frozen £2.5 billion ($3.4 billion) generated from the sale of the club, which has been earmarked to help Ukraine's war victims.
Speaking in parliament, Starmer told Abramovich: "Honour the commitment you made and pay up now, and if you don't, we are prepared to go to court so every penny reaches those whose lives have been torn apart by Putin's illegal war."
Ministers in June said they were "frustrated" by the failure to reach agreement with Abramovich over where the funds of the May 2022 sale should go.
The UK government wants the funds to be directed towards humanitarian purposes in Ukraine, but the oligarch insists they be used for all victims of the conflict, including in Russia.
A consortium led by US businessman Todd Boehly bought the Premier League giants after Abramovich was sanctioned following Russian President Vladimir Putin's invasion of Ukraine.
The frozen funds are being held in a UK bank account.
They still legally belong to Abramovich and cannot be moved without a licence from the Office of Financial Sanctions Implementation.
But Starmer told lawmakers Wednesday that the government was now issuing such a licence.
"I can announce that we're issuing a licence to transfer £2.5 billion from the sale of Chelsea Football Club that's been frozen... since 2022," he said.
"My message to Abramovich is this: the clock is ticking," the prime minister added.
The 59-year-old Russian-Israeli billionaire bought the club in 2003 and had an estimated fortune of $14.5 billion in 2021.
Chelsea enjoyed their most successful ever period under Abramovich, winning two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues and a Club World Cup.
D.Moore--AMWN