• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

UK Government Threatens Legal Action Against Abramovich Over Chelsea Sale Funds

5 months ago
in Features, highlights, Home, home-news, latest News, Lifestyle, Sports
1 min read
0 0
0
172
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

UK Government Threatens Legal Action Against Abramovich Over Chelsea Sale Funds

The British government is prepared to take Russian businessman Roman Abramovich to court in a bid to release frozen funds from the sale of Chelsea Football Club. This money, amounting to approximately £2.5 billion ($3.4 billion), is intended to aid victims of Russia’s war in Ukraine but remains locked in a British bank account due to ongoing disputes over its allocation.

Abramovich was sanctioned by the UK government following Russia’s invasion of Ukraine in 2022, prompting the hurried sale of Chelsea under the condition that the proceeds would be utilized to establish a humanitarian charity. However, a disagreement has arisen over how the funds should be spent: the UK government insists that the money be directed solely to Ukraine, while Abramovich advocates for support to all victims of the war.

UK Finance Minister Rachel Reeves and Foreign Minister David Lammy expressed their frustration over the stalemate in a joint statement, emphasizing that they are ready to pursue legal action if an agreement cannot be reached. “While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required,” they stated.

New York-based law firm Kobre & Kim, representing Abramovich, has not yet commented on the situation. The British government is investigating legal avenues to release the funds, with some officials suggesting alternative uses for frozen Russian assets if a resolution cannot be found.

George Foulkes, a member of the House of Lords, highlighted the symbolic importance of the case, stating it could set a precedent for accessing other frozen assets.

Abramovich sold Chelsea to a consortium led by U.S. investor Todd Boehly and private equity firm Clearlake Capital in May 2022, with the stipulation that he would not profit from the sale. As the legal dispute continues, the humanitarian aid intended for victims of the war in Ukraine remains in limbo, underscoring the complexities and challenges surrounding the financial fallout from international conflicts.

RelatedPosts

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

Tags: UK Government Threatens Legal Action Against Abramovich Over Chelsea Sale Funds

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

Black Stars Nominated for National Team of the Year at 2025 CAF Awards

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Dangote Plans Refinery Upgrade to Dethrone India and Lead the Global Refining Market

Trending

Business

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

October 22, 2025

Businesses Flock to Ethiopia's Newly-Opened Banking Market Ethiopia is opening its banking sector to foreign players for...

Among Africa’s Top Performing Currencies — the Zambian Kwacha

October 22, 2025

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

October 22, 2025

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

October 22, 2025

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.