Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department is working with (a) EU and (b) G7 partners to coordinate the release of (i) frozen Russian-linked assets and (ii) the proceeds from the sale of Chelsea Football Club; and which body holds final authority over the (A) release and (B) allocation of those funds.

The Chancellor is actively engaging with EU and G7 partners through regular discussions with G7 finance ministers to explore all viable legal avenues to make use of Russia’s sovereign assets for the benefit of Ukraine, in line with international law.

Separately, the Government is working hard to ensure that the proceeds from the sale of Chelsea Football Club are directed towards humanitarian causes in Ukraine as swiftly as possible. These proceeds are not sovereign Russian assets, but rather funds owned by a private entity (Fordstam Ltd), which is itself owned by a Designated Person under UK sanctions regulations – Mr Abramovich.

In common with all other frozen funds, the proceeds from the sale of Chelsea Football Club remain the property of the Designated Person. Agreement must be given by Fordstam Ltd for these funds to be transferred to a new independent charitable foundation for humanitarian assistance in Ukraine. To date, they have not provided this agreement.

While the door for negotiating an agreement remains open, the Government is fully prepared to pursue this matter through the courts if required.