A new charitable foundation has been formally established in an effort to release the £2.35 billion proceeds from Chelsea Football Club’s sale by Roman Abramovich, with the funds still frozen amid ongoing negotiations and regulatory scrutiny.
The entity, called the Foundation for the Victims of Conflict, has submitted its application to the UK Charity Commission and is intended to serve as the structure through which the disputed funds could eventually be distributed.
High-Profile Trustees and Governance
The foundation will be overseen by experienced humanitarian and diplomatic figures, including:
- Mike Penrose, former UNICEF executive
- Martin Griffiths
- Caryl Stern
- Nimco Ali
Their involvement gives the initiative institutional credibility as it seeks approval from regulators and stakeholders.
Regulatory Review and Legal Uncertainty
The UK Charity Commission has confirmed receipt of the application and will assess whether the foundation meets the legal definition of a charity and whether its trustees comply with governance requirements. Approval is not guaranteed, and the review represents only one step in a broader and more complex process.
Even if approved, further negotiations between Abramovich’s representatives and the UK government are expected to continue.
Ongoing Dispute Over Fund Allocation
At the heart of the matter is a dispute over how the frozen proceeds should be used:
- The UK government maintains that the funds must be allocated exclusively to humanitarian efforts in Ukraine
- Abramovich’s legal position is that the money remains his and that restrictions imposed by the government are overly punitive
- The proposed foundation introduces a global mandate that could extend beyond Ukraine, effectively challenging the government’s conditions
This disagreement has remained unresolved for years and has become increasingly entrenched.
Government Pressure and Timeline
The UK government has intensified pressure to resolve the issue. Prime Minister Keir Starmer has previously warned that “the clock is ticking,†signaling a desire to see the funds deployed without further delay.
A spokesperson from the Foreign, Commonwealth & Development Office reiterated that the government’s priority is ensuring the money reaches vulnerable people in Ukraine who have been affected by prolonged conflict.
Additional Legal Complications
The situation is further complicated by parallel legal actions. In Jersey, assets linked to Abramovich—valued at over $7 billion—were seized by the Jersey Royal Court in 2022, adding another layer of legal and jurisdictional complexity to the broader case.
Outlook
The creation of the foundation represents a potential pathway toward unlocking the frozen funds, but significant hurdles remain. Regulatory approval, legal disputes, and political disagreements all need to be resolved before any distribution can take place.
For now, the case continues to sit at the intersection of humanitarian intent, legal ownership, and international policy.