Roman Abramovich Assembles Elite Legal Team for Jersey Asset Dispute Worth 5 Point 3 Billion Pounds

Russian oligarch Roman Abramovich has retained a formidable team of legal experts to contest proceedings in Jersey that could determine the fate of over £5.3 billion in frozen assets. The outcome of this dispute carries substantial implications for the UK government’s insistence that proceeds from the £2.35 billion Chelsea Football Club sale be released to support Ukrainian war victims.

The Jersey courts have maintained a freeze on Abramovich’s substantial fortune since 2022, following an investigation initiated by the Jersey government into the origins of these funds. The resulting legal proceedings have evolved into a complex case that sits at the intersection of international sanctions, sporting asset disposals, and charitable obligations.

Representatives for Abramovich maintain that £1.4 billion of the Chelsea sale proceeds cannot be transferred to a charitable foundation whilst the Jersey government’s investigation and associated legal action remain active. This position directly conflicts with demands from Prime Minister Sir Keir Starmer, who has called for the complete release of Chelsea sale funds to a new Ukrainian foundation before 17 March.

The legal team assembled by Abramovich represents considerable firepower in the courtroom. Lord Wolfson KC, currently serving as shadow attorney general in the House of Lords, leads the defence alongside Eric Herschmann, who served as senior legal adviser to Donald Trump during his first presidential term. The team’s strength extends further with four additional King’s Counsel: Howard Sharp, Jersey’s former solicitor general; Maya Lester, a distinguished human rights barrister specialising in sanctions matters; Richard Lissack, who brings expertise in complex financial cases; and Andrew Stafford, recognised for his work in international finance litigation.

Abramovich has already secured a court order requiring the Jersey government to bear certain legal costs, with an application pending for approximately £2.5 million in expenses. Should the UK government proceed with threatened legal action regarding the Chelsea proceeds, it can anticipate facing similarly robust opposition.

The £2.35 billion proceeds from Chelsea’s disposal, augmented by £150 million in accumulated interest, remains frozen within the bank account of Fordstam Ltd, Abramovich’s corporate vehicle, since 2022. Company filings reveal that £1.429 billion of this sum is owed to Camberley International Investments Limited, a Jersey-registered entity also under Abramovich’s ownership. The accounts indicate that net sale proceeds, adjusted for other balance sheet items, were intended for transfer to a charitable foundation.

Stephen Doughty, the Foreign Office minister overseeing this matter, has expressed confidence in the government’s legal standing, including positions related to the Jersey proceedings. The situation presents a stark contrast to the warm reception Abramovich received when Jersey welcomed him as a resident in 2017, with UK government approval for his application following shortly thereafter.

Correspondence obtained by The Times reveals the enthusiastic tone of Jersey’s initial engagement with Abramovich. Kevin Lemasney, the island’s director of high-value residency, wrote to the oligarch in 2017 stating his pleasure at the prospect of future meetings, suggesting lunch to discuss arrangements for a “soft landing in Jersey”.

The relationship soured dramatically following Russia’s invasion of Ukraine and subsequent UK government sanctions against Abramovich. Jersey launched its investigation into the source of his wealth, prompting legal countermeasures from Abramovich that have proved partially successful. He has secured court orders compelling Jersey ministers and senior officials to produce private communications, emails, and data pertaining to his affairs.

In a previous statement, Abramovich’s representatives characterised the attorney general’s decision to investigate as illegitimate and politically motivated. They alleged the investigation aimed to rehabilitate Jersey’s reputation as a financial centre following the Russia-Ukraine conflict, at a time when the island’s prior encouragement of Russian capital inflows had become politically inconvenient.

The Jersey government has issued a robust denial of these allegations, stating its categorical rejection of claims involving conspiracy, misfeasance in public office, or bad faith. Officials maintain these accusations lack foundation and will be addressed through proper legal channels. The government emphasises its respect for judicial independence and commitment to defending its position vigorously throughout the legal process.