Labour ministers yet to hold talks over Abramovich funds | Global News Avenue

The Labor Minister has not negotiated with key figures involved in unlocking the £2.5 billion commitment to unlocking the £2.5 billion commitment after Roman Abramovich sold Chelsea Football Club.

Abramovich sells Chelsea in 2022 He was approved The British government’s full-scale invasion of Russia against Ukraine.

The £2.5 billion raised was intended to be used for humanitarian reasons related to the Ukrainian war, but it was still frozen in British bank accounts.

The Labor Minister is facing increasing pressure to meet with representatives of Abramovich or members of the Foundation who manages the funds.

The Foreign, Commonwealth and Development Office (FCDO) told BBC officials that they were in talks with Abramovich’s representatives.

But multiple sources said there has been no meeting between any labor minister and foundation members since last year’s election.

Sources close to the foundation say that negotiations and signing agreements that can break the deadlock will require a political decision from the minister.

“For three years, the government has been working hard to free the money. But they have not met with the foundation.

The BBC learned that the FCDO was aware of a request for a meeting between the Foundation’s board of directors and Foreign Secretary David Lammy.

Abramovich’s representatives did not want to comment, but those who knew the situation admitted that there had been little connection or progress in releasing funds to hold power after the club was sold.

The issue has sparked a new sense of urgency after Prime Minister Sir Kyle Starmer announced that part of the UK’s overseas aid budget had been transferred to national defense. In 2024/25, the UK sent £282 million in aid to Ukraine.

The £2.5 billion interest and interest arising from the funds will make up for some money earned from the aid budget, which will be £15.3 billion in 2023.

“This money has been gathering dust – interest – when can and should be spent helping Ukrainian children cope with the horror of more than three years of total war,” said Alison Griffin, who is a charity who rescues children.

The delay in freeing funds has focused on the division between the British government and Abramovich’s lawyers.

Abramovich received a special license to sell Chelsea, as long as he can prove that he will not benefit from the sale.

then, Abramovich says The proceeds from the sale will be donated by the Foundation “to benefit all victims of the Ukrainian war”, and his position has not changed.

Abramovich is a Russian billionaire who made a fortune in oil and gas – unable to get a box office of £2.5 billion under British sanctions, but the money still belongs to him legally.

He allegedly has close ties with Russian President Vladimir Putin, which he denied.

Sources said Abramovich’s lawyers insisted on using the money for all war victims in Ukraine, including those outside the country, but the British government has backed down and believed that the funds could only be used for humanitarian efforts within a war-filled country.

Portugal also has a say in the matter, because Abramovich has Portuguese citizenship and was approved by the EU.

Portuguese authorities impose sanctions on the EU to allow Chelsea funds to be used for “humanitarian purposes in Ukraine.”

Commission spokesman Olof Gill said: “The EU and the UK have worked closely together to ensure that the proceeds from this sale are used for humanitarian purposes through charitable organizations.”

“The conditions for sale authorized by the Portuguese authorities and the conditions accepted by the British authorities must be respected and cannot be modified retroactively.

“Humanitarian needs in Ukraine remain high.”

Members of the foundation, led by former UNICEF boss Mike Penrose and Norwegian diplomat Jan Egeland, met with former Foreign Secretary David Cameron and his deputy, last spring.

Those who know the situation say the results of the meeting made a positive impression that the impasse could end by allowing some money to be used on humanitarian reasons outside of Ukraine.

The BBC understands that the former Foreign Secretary believes a viable solution is being made and that the Foundation is using it for how these funds are used.

Lord Cameron spoke with the European Commission about the proposal and sought to buy from Downing Street to sign the agreement.

However, the dispute was not settled before last year’s general election, and there has been no meeting of ministers since Labour took office.

The foundation has a plan that can be launched immediately once the funds are unlocked.

There are already plans for helping orphans of Ukrainian soldiers and meeting the health, housing and education needs of those fleeing war.

Report of the House of Lords Committee Last year, it was “uncomprehensible” that the government failed to release funds to support Ukraine.

This week, Reported Ministers are preparing to release the money in court.

Meanwhile, Western countries are using interest in frozen Russian assets to help Ukraine and talk about occupying them.

A spokesman for the FCDO said: “The government is working to ensure that the proceeds of Chelsea Football Club reach the humanitarian cause of Ukraine as soon as possible.

“Currently, the proceeds have been frozen in the UK bank account, and a new independent foundation has been established to manage and distribute the money.

“UK officials continue to discuss with Mr. Abramovich’s representatives, experts and international partners, and we will work hard to reach a solution.”