ROMAN ABRAMOVICH THREATENED BY 'FRUSTRATED' RACHEL REEVES OVER £2.5BILLION CHELSEA FUNDS

Rachel Reeves says she is willing to pursue Roman Abramovich through the courts (Image: Clive Mason/Getty Images)

Former Chelsea owner Roman Abramovich is being threatened with legal action by the UK Labour Government over his failure to release £2.5 billion of funds from the sale of the UEFA Conference League champions to help victims of the war in Ukraine.

Chancellor Rachel Reeves, along with Foreign Secretary David Lammy, is said to be 'frustrated' by the inability to reach an agreement with Mr Abramovich on the frozen proceeds of the sale. The Stamford Bridge club was sold in May 2022 after Mr Abramovich was among the high-profile Russian oligarchs sanctioned following Vladimir Putin’s invasion of Ukraine.

The funds were frozen, with a plan for them to be used to alleviate the suffering caused by the war in Ukraine. But an agreement has yet to be reached with Mr Abramovich over the use of the money, which is held in a UK bank account.

The funds were frozen, with a plan for them to be used to alleviate the suffering caused by the war in Ukraine. But an agreement has yet to be reached with Mr Abramovich over the use of the money, which is held in a UK bank account.

The money cannot be moved without a licence from the Office of Financial Sanctions Implementation. Ms Reeves and Mr Lammy said: “The Government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia’s illegal full-scale invasion.

“We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far. While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.”

- Chris Ballinger

IOC REJECTS PUTIN'S ETHNIC DISCRIMINATION' ACCUSATION OVER OLYMPICS

Reuters 

The International Olympic Committee (IOC) on Friday rejected Russian President Vladimir Putin's accusation that it is using the Olympic Games as a tool of politics and racism.

Putin lashed out on Thursday, saying the IOC had effectively suspended Russia from the Olympic movement.

"... we learned that an invitation to the Games is not an unconditional right of the best athletes but a kind of privilege and can be earned not by sporting results but by political gestures that have nothing to do with sport at all," Putin told a conference in the Urals city of Perm.

"And that the Games themselves can be used as an instrument of political pressure against people who have nothing to do with politics. And as gross, and in fact racist, ethnic discrimination."

PUTIN SAYS IOC IS DISTORTING OLYMPIC IDEAL

Reuters 

Russian President Vladimir Putin accused the International Olympic Committee on Tuesday of politicising sport, as it weighs a decision on Russian athletes' participation in next year's Games in Paris.

Russians are facing the likelihood of having to compete under a neutral flag in Paris because of Putin's invasion of Ukraine. The IOC has taken no final decision but said athletes should not be punished for the acts of their governments.

French President Emmanuel Macron said last week that no Russian flag should fly at the Games.

Putin was asked about the issue at a forum in Russia's far east, and responded by referencing the ideals of the Frenchman who founded the modern Olympics.