Barclays has temporarily suspended Chelsea FC’s bank account as it assesses the impact of sanctions, according to multiple reports.
The club’s owner Roman Abramovich was placed on the UK’s sanctions list yesterday morning over his links to Vladimir Putin and his part-ownership in a firm allegedly linked to the production of Russian military equipment.
The club has been given a special licence to continue sporting activities but Barclays wants to assess the implications of the sanctions.
There are significant punishments for financial institutions which wittingly or unwittingly act in breach of sanctions.
A growing number of Russian-linked oligarchs have been placed under the UK’s sanctions regime in retaliation for the Russian government’s decision to invade Ukraine.
Chelsea are hoping the suspension will lift quickly. The news was first reported by Sky News.