Committee publication · Correspondence · 13 January 2026
Correspondence from the Foreign Secretary, relating to the proceeds from the sale of Chelsea Football Club, dated 7 January
From: Foreign Affairs Committee
Inquiry: Work of the Foreign, Commonwealth and Development Office
Summary
Foreign Secretary Yvette Cooper updates the Foreign Affairs and International Development Committee chairs on progress securing Chelsea FC sale proceeds for Ukrainian humanitarian causes. HM Treasury issued a licence on 17 December permitting transfer of funds from Abramovich-owned Fordstam Ltd into a new foundation. The Government is prepared to pursue court action if Abramovich fails to transfer funds voluntarily.
Key findings
- OFSI licence issued 17 December 2025 under Russia (Sanctions) Regulations 2019 permits transfer of Chelsea FC sale proceeds to humanitarian purposes in Ukraine
- Fordstam Ltd (wholly owned by designated person Roman Abramovich) remains subject to asset freeze; licence authorises but does not compel the transfer
- Government negotiated agreement with Abramovich in 2022 and is prepared to enforce it through courts if funds not transferred quickly
- Proceeds must benefit Ukrainian humanitarian causes under licence terms; any future gains can support broader conflict victims globally; no funds may benefit Abramovich or other sanctioned individuals
- UK sanctions regime is autonomous; all necessary international authorisations obtained to permit the donation
Tone
ProceduralTopics
Key actors
Yvette Cooper, Emily Thornberry, Sarah Champion, Roman Abramovich, Fordstam Ltd, HM Treasury, OFSI
Notable line
“Should Mr Abramovich fail to transfer the funds quickly, the UK Government is fully prepared to take him to court if necessary to enforce the agreement …”
Key Quotes
“HMG has now issued a licence, permitting the transfer of the proceeds from the sale of Chelsea FC into a new foundation to be spent on humanitarian purposes in Ukraine.”
“Should Mr Abramovich fail to transfer the funds quickly, the UK Government is fully prepared to take him to court if necessary to enforce the agreement reached with him in”
“… these proceeds are not Russian sovereign assets but are funds owned by a private entity, Fordstam Ltd, which is a company (registered in England and Wales) wholly owned by Mr Abramovich”
“Under the terms of the licence, the proceeds from the sale of Chelsea FC must go to humanitarian causes in Ukraine while any future gains can be spent more broadly on victims of conflict worldwide.”
Source · parliament.uk record ↗