Money raised from the sale of Chelsea, which was supposed to benefit victims of the war in Ukraine, has still not been released.
The Foreign Office has confirmed that the proceeds from the £2.5bn sale almost three years ago remain frozen in a UK bank account.
Former owner Roman Abramovich was forced to sell Chelsea in May 2022.
He had been sanctioned by former Prime Minister Boris Johnson’s UK government after Russia’s full-scale invasion of Ukraine because of his close ties to Russian president Vladimir Putin.
When asked what has happened to the money on Monday, a Foreign, Commonwealth & Development Office spokesperson said: “This government is working hard to ensure the proceeds from the sale of Chelsea FC reach humanitarian causes in Ukraine as quickly as possible.
“The proceeds are currently frozen in a UK bank account while a new independent foundation is established to manage and distribute the money.
“UK officials continue to hold discussions with Mr Abramovich’s representatives, experts and international partners, and we will double down on our efforts to reach a resolution.”
The UK government’s position – which has not changed since Sir Keir Starmer’s Labour Party replaced the Conservatives – is that the money can only be used for humanitarian purposes in Ukraine.
Abramovich has said he wants the funds to benefit “all victims of the war” which could mean some of the money going to Russia.
The Charity Commission has confirmed they have not yet received an application to establish a foundation to distribute the funds.
Chancellor Rachel Reeves signed a deal with Ukraine’s Finance Minister Sergii Marchenko on Saturday to deliver £2.2bn of funding to Ukraine’s military.
The funding will be paid back using the profits generated on sanctioned Russian sovereign assets held in the European Union.
The funds do not include any of the proceeds from the Chelsea sale.
