The £2.3billion proceeds from the sale of Chelsea more than a year ago may not reach victims of Russia's war on Ukraine this year, or perhaps at all.
It seems the sticking point is that Roman Abramovich wants a substantial chunk of the money to go to Russia, or rather Russians affected by the conflict. And neither the British government nor the European Commission will agree to such a move while sanctions are in place against Russia because of Vladimir Putin's aggression against Ukraine.
Astonishingly, it seems that Abramovich, himself a sanctioned individual for his closeness to the Putin regime, must 'sign off' on the release of the funds, which he has so far declined to do because he wants the money shared across Russia as well as Ukraine.
Foreign office sources have confirmed this is the case, and point to Secretary of State James Cleverly saying last week he could not guarantee the money would be cleared for release before the Government breaks for summer recess next month. Ministers return in September.
Cleverly said: 'We want to make sure that the money that is released goes exclusively to the recipients it is aimed at. I need full reassurance that is the case.'
A source close to the funds said: 'It was hoped the money was going to be transferred last summer, then we hoped for developments in January.
'Now we hope money will start arriving in Ukraine before harsh winter conditions set in again towards the end of the year, but there are currently no guarantees that will happen.'
Abramovich was forced to sell Chelsea last year, knowing he was to be sanctioned. American billionaire Todd Boehly paid £2.5bn for the club, and after transaction-related expenses, £2.3bn was left. At the time of the sale, Abramovich's press office said he 'wanted the proceeds to be transferred to a charitable foundation for the needs of the victims on both sides of the conflict between Russia and Ukraine.'
The £2.3bn remains in a frozen UK bank account belonging to Fordstam, a company controlled by Abramovich, with the Foreign Office yet to give the green light for the money to be transferred.
Rules surrounding the release of the money allow for it to be transferred solely to Ukrainian humanitarian causes.
Cleverly told a parliamentary committee that a foundation set up to handle the billions was not ready to receive the funds. Sources close to the charity told Mail Sport they had been ready for several months, Daily Mail reports.
