Roman Abramovich is facing further questions about his promise to donate the ‘net proceeds’ of any sale of Chelsea to victims of Russia’s invasion of Ukraine after the UK’s security minister admitted he did not know what the term meant.
The Russian billionare on Wednesday night sensationally confirmed Chelsea is up for sale and that he is writing off the £1.5billion debt he is owed by the club.
Abramovich, who is known to have links with the Russian regime, seeks to distance himself and Vladimir Putin from the sanctions imposed by the west over Russia’s devastating and illegal invasion. Meanwhile pressure mounts on the British government for the inclusion of the billionaire Russian heir to sanctions.
MailOnline reported on Wednesday morning however that Chelsea had been put on the market, with an asking price of at least £3billion.
Abramovich stated in a statement posted on the Blues website that he had instructed his team to create a charity foundation, where all proceeds of the sale would be donated.
“The foundation will benefit all the victims of war in Ukraine. It will provide critical funding for the immediate and urgent needs of the victims as well as support the long-term recovery efforts.
On Thursday, the UK’s security minister Damian Hinds spoke to Good Morning Britain and said that Abramovich’s use of the term “net proceeds” was unclear. He then stated that sanctions will become even more severe in coming days.
Asking him if Abramovich understood the meaning of the phrase “net proceeds”, Mr Hinds responded: “No. Net proceeds can be defined in many different ways. Corporate financiers will tell you that.

Roman Abramovich faces further questions regarding his pledge to donate the net proceeds of Chelsea sales to Ukraine’s victims of Russia’s invasion.


GMB was told by Damian Hinds (UK security minister) that he isn’t quite sure what Abramovich means when he refers to ‘net proceeds.
“I want to make sure that the sanctions program works as well as it possibly can.
“If you take a look at the changes in the Rubel’s value and that of the Moscow Stock Exchange and see the problems these organisations now face, it is clear that they are having a bit.
“But, we want to get further. There is legislation in the Parliament.
‘On Monday, the House will debate the bolstering unexplained wealth orders. A new register would make it completely transparent who is in possession of high-end properties and could use it to facilitate money laundering.
“We will go even further to inflict pain upon this regime.

Abramovich confirmed Chelsea is up for sale and that he is writing off the £1.5billion debt he is owed by the club

Hinds promised that Boris Johnson’s UK Goverment would increase the UK’s sanctions against Russian persons and organizations.
‘We have been putting sanctions in place against individuals as well as organisations, and restrictions on the financial system,’ he added.
‘There is more to come. It would be neither right nor wise of me to comment on individuals. I don’t think we should let individuals know what is going to happen to them before it happens.
‘I wouldn’t talk about an individual case unless and until there were measures in place. People should know we have already put in place sanctions on individuals and there will be more to come.’
Mr Hinds was not the only person left confused by the term, with many taking to social media to express their confusion.
One wrote: ‘Nobody would buy the club with a debt of $2billion. And what exactly does he mean by ”net proceeds”? It sounds like he’ll be able to recover the ‘loan’ he borrowed from the sale, and then any remaining pennies would go towards charity.’
Meanwhile, another added: ‘Wild if AbramovichAny funds from the Chelsea fire sale can be recouped. “Net proceeds to Ukrainian charities” is what you see. Russian oligarchs are being hurt by UK assets.

Hansjorg Wyss (R), a Swiss billionaire, says he would be willing to form a consortium in order to acquire the club
A second user simply tweeted “Net proceeds ”’.”.
Earlier, it was reported Abramovich had already begun a ‘fire sale’ of his sprawling London portfolio as he tries to offload Chelsea and £200million worth of properties – with an MP claiming the Russian billionaire is acting quickly to stop his assets being frozen.
Chris Bryant of Labour used parliamentary privilege in order to dodge legal action. Bryant claimed that the tycoon was selling his house and apartment to avoid being sanctioned. He also said that he fears the government won’t act soon enough.
Abramovich is worth £10.4bn ($12.5bn), according to Forbes, and owns a £150m Kensington mansion, a £22m penthouse, and more than £1.2bn of yachts, private jets, helicopters and supercars in Britain and globally.

Abramovich is also looking to offload his £200million London property portfolio within days, including his 15-bedroom mansion at Kensington Palace Gardens, valued at more than £150 million. It is located on the road between many embassies, and has security at both ends.

The Russian’s portfolio also includes a £22m three-storey penthouse at the Chelsea waterfront
Abramovich has however instructed American bank The Raine Group to manage the sale of West London club Chelsea.
Sources claim Abramovich believes Chelsea is worth more than £3bn – but the likelihood of receiving such offers appears small and is likely to inevitably lead to him lowering his expectations.
Swiss billionaire Hansjorg Wyss claims he has been approached and is considering an offer as part of a consortium which also includes Todd Boehly, the co-owner of baseball’s Los Angeles Dodgers.
Although there are clear indications Abramovich may receive at most two formal offers from Chelsea this week, a buyout could still be possible if Abramovich is not. The UK Government has sanctioned Abramovich.
Boris Johnson was challenged by Sir Keir Starmer, Labour’s leader, in Parliament Wednesday to explain why Abramovich had not been sanctioned yet. The Prime Minister replied: “It’s not appropriate for me to comment on specific cases.”
Liz Truss (Foreign Secretary) has said that she had a “hit list” of oligarchs to target, but not all.
Abramovich never had UK citizenship and made his fortune by selling assets that he bought from the USSR when it collapsed. Abramovich strongly denied any close ties to the Kremlin and has not done anything that could be considered as a violation of sanctions.