GlobalWide News
The Wall Street Journal: Russian oligarch Roman Abramovich pledged to donate $3 billion from the sale of Chelsea FC to victims of the Ukraine war, but these funds are currently frozen in a U.K. bank account due to a dispute with the British government. Abramovich, sanctioned in the U.K., proposes using the funds for causes in Ukraine and globally, including Africa. The U.K. government insists the funds should be exclusively for Ukraine. The impasse has led to concerns about the potential misuse of the funds and their diversion to Kremlin allies or unrelated regions.
Meanwhile, a foundation to manage the funds, led by former Unicef U.K. director Mike Penrose, is in limbo. The foundation, yet unnamed and unofficial, aims to support various global humanitarian projects, including in Ukraine. Abramovich, with a close relationship to Putin and a fortune built with Kremlin support, seeks to balance his reputation in the West while maintaining usefulness to Putin. The U.S. has not sanctioned Abramovich.
The British government, cautious about releasing the funds, fears they might benefit unsavory Kremlin allies. Charities are eagerly awaiting these funds, which significantly exceed the U.K.’s humanitarian aid to Ukraine. Before the war, Abramovich transferred much of his wealth to avoid sanctions and navigated complexities in selling Chelsea, eventually agreeing to a $5.2 billion deal, with $3 billion designated for charity. The sale’s conditions, influenced by E.U. sanctions and the Portuguese government, stipulate that the funds be spent solely in Ukraine, conflicting with Penrose’s vision for a more flexible, multinational humanitarian approach. The impasse continues as the humanitarian needs in Ukraine grow.
The entire article can be read at the link Roman Abramovich Sold Chelsea FC and Pledged $3 Billion for Ukraine Victims. The Money Is Frozen in the U.K. – WSJ
