Roman Abramovich has kept a low profile since his Chelsea sale – but now he’s in the chancellor’s sights
Since being seen at peace talks early in the war, Roman Abramovich has kept a low profile for the last three years.
The oligarch has neither supported nor condemned Russia’s war on Ukraine publicly, positions that could bring risks and consequences.
What we do know is that he has not approved the release of funds from the government-enforced sale of the Premier League club that provided his status beyond Russia.
Under the threat of sanctions, Abramovich had tried to hold on to Chelsea while relinquishing control.
Sanctions quashed that plan, as the government oversaw the unprecedented sale of one of the country’s most successful teams.
But one of Abramovich’s last public statements, in March 2022, was a desire that “all victims of the war in Ukraine” benefit from the sale proceeds.
That conflicts with the desire in Westminster for cash to only flow into humanitarian causes in Ukraine and not potentially into Russia, which started the war.
So, the £2.5bn generated from selling the Blues remains frozen, unable to be released to a new foundation to help those most in need.
The threat of legal action from the government is an escalation to pressure Abramovich.
Perhaps the dynamic would have changed had Donald Trump fulfilled a campaign pledge to swiftly end the war on his return to the Oval Office?
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The slow pace of any peace talks delays any prospect of sanctions on Abramovich being lifted anytime soon.
Were they to be lifted, could Abramovich be in control of the destination of the windfall?
Overseeing a foundation personally could provide a route back into public life.
But will his close association with Vladimir Putin, which Abramovich has sought to deny, be too damaging in the long term?
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And there is still a trail of questions about Abramovich’s business dealings.
To Chelsea supporters, though, there is some longing for the days of relative stability and constant silverware under the Russian, whose huge investment transformed their fortunes from 2003 to 2021.