According to media reports, Roman Abramovich has recruited multiple world-class lawyers to represent him in a legal battle in Jersey, a case that could significantly impact the release of funds from Chelsea’s sale.
Since 2022, Jersey’s courts have frozen over £5.3 billion of Abramovich’s assets. Following the Jersey government’s investigation into the source of his funds, the case has evolved into a complex legal dispute.
Abramovich’s representatives stated that £1.4 billion of the £2.35 billion from Chelsea’s sale cannot be distributed to the foundation until the Jersey government drops its investigation and legal actions. Reports last week indicated that Abramovich will ignore the demand from current UK Prime Minister Keir Starmer to transfer all proceeds from Chelsea’s sale to a Ukrainian foundation account by March 17.
Abramovich’s side is demanding that the Jersey government cover part of his legal costs and plans to apply for approximately £2.5 million in compensation. If the UK government follows through on its threat of legal action against Abramovich, it is expected to face an equally formidable legal team.
The £2.35 billion from Chelsea’s sale, plus £150 million in interest, has been frozen in a bank account of Abramovich’s company Fordstam Ltd since 2022. The latest company accounts show a £1.429 billion debt owed to Camborne International Investments Limited, another company owned by Abramovich and registered in Jersey. The accounts state that "net proceeds after deducting other balance sheet items" will be donated to a charitable foundation.
Jersey warmly welcomed Abramovich as a resident in 2017, with his residency application approved by the UK government at the time. However, after the outbreak of the Russia-Ukraine conflict, Abramovich was sanctioned by the UK government, and Jersey launched an investigation into the source of his funds.
