Ukraine conflict—Practical impact of Abramovich's designation under financial sanctions explained

Article summary

The Office of Financial Sanctions Implementation (OFSI) has published a blog explaining the practical impact of Roman Abramovich's designation under the recent financial sanctions against Russia. The blog explains that all funds and economic resources belonging to, held or controlled directly or indirectly by Abramovich will be frozen immediately, including Chelsea Football Club. In relation to this designation, HM Treasury has issued General Licence INT/2022/1327076 which allows Chelsea Football Club to undertake activities that would otherwise be prohibited by financial sanctions, meaning the club can fulfil its fixtures and carry out football business, without undermining the impact of sanctions. The licence also outlines permissions for those attending a match, televising the match and purchasing and/or producing merchandise.