Accounts filed for Fordstam, the company that held Roman Abramovich’s ownership stake in Chelsea FC, reveal that proceeds from the sale completed in May 2022 have accumulated substantial interest earnings. The initial £2.35bn has grown to approximately £2.5bn, with £114m earned in 2024 alone and nearly £63m the previous year, according to figures through June 2024.
Abramovich, who faced UK sanctions in 2022 related to his connections to Vladimir Putin, previously committed to donating the sale proceeds to Ukrainian relief efforts. However, the funds remain frozen in a Barclays bank account pending resolution of disputes with the British government over their intended use. The UK government has indicated it will pursue legal action after Abramovich failed to meet a March 2026 deadline for releasing the funds, with officials emphasizing that any disbursement must target humanitarian causes within Ukraine.
Complicating the situation are questions about whether Abramovich will claim repayment of approximately £1.4bn in loans his offshore vehicle extended to support Chelsea’s operations. Financial experts have noted uncertainty regarding whether Abramovich committed to donating the full sale proceeds or only profits after loan repayment. Under current sanctions regulations, any loan repayment would require authorization from the Office for Financial Sanctions Implementation.
A separate criminal investigation by Jersey authorities is examining whether the Chelsea sale proceeds constitute proceeds of crime, as part of a broader inquiry into the origins of Abramovich’s wealth. The investigation encompasses the source of funds from various business dealings, including the 2005 acquisition of his Sibneft oil and gas company by the Russian government for $13bn. These overlapping legal and regulatory matters continue to prevent the release of funds despite the oligarch’s previous pledge of support for Ukrainian victims.
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