£2.5bn Chelsea fund could help children globally if Ed Miliband secures its release

Amid allegations about advisers dealing with Roman Abramovich’s business affairs (Roman Abramovich aides falsified paperwork to disguise assets and dodge tax, records suggest, 12 October), another issue demands urgent government action – the £2.5bn from the sale of Chelsea FC, which has remained stuck in a Barclays bank account since May 2022.

The money was originally pledged to help victims of the war in Ukraine, no matter where they are in the world. Yet for over four years this huge sum of money has sat in limbo, accruing interest while victims of conflict go without desperately needed support. At a time of global aid cuts, rising food insecurity and growing humanitarian needs, the £2.5bn could make a transformative difference to the children and families we serve around the world.

The government has a clear opportunity to act. Its licence to release the funds last December imposed geographic conditions that Abramovich did not accept. A broader licence, allowing the money to support humanitarian causes beyond Ukraine, could finally put it to use. Even releasing the accumulated interest alone could unlock substantial funding and offer life-saving support for those who need it most.

We know the foreign secretary is keen to get things done. Securing the release of the £2.5bn Chelsea funds would make a huge impact around the world – something his predecessors failed to do.
George Graham
Executive director for global impact, Save the Children UK