Chelsea's bank account suspended by Barclays after UK sanctions on Roman Abramovich

bank accounts of Chelsea Football Club have been "temporarily suspended" with Barclays after UK imposed sanctions on its Russian owner Roman Abramovich in wake of Moscow's war on Ukraine. Owing to measures on Abramovich, all his assets have also been frozen in London. However, team has been allowed to continue operations under specific measures, Sky Sports reported.

action comes as Barclays needs time to assess range of football-related activities club will be allowed to pursue amid prevailing sanctions on Russian billionaire. In addition, it will also evaluate license offered to club by UK government. Meanwhile, west London club is currently operating under a government-approved license that allows m to function restrictively.

Restrictive functions of Chelsea FC

Currently, Chelsea are t allowed to take any loans or sign any player, provided sanctions are in place when next transfer window opens. tickets to Chelsea's games will be sold, and only those with previously purchased tickets will be allowed to attend matches. In addition, merchandise of team will be sold online or offline. club can only spend $26,000 per game just for travel costs.

Barclays will evaluate risk of carrying on with its banking services to Chelsea. bank is currently reluctant to conduct business with figures sanctioned by London, Daily Mail reported. Moreover, with Abramovich's alleged links to Russian President Vladimir Putin, prohibition on transactions with UK individuals and businesses facing a travel van and transport sanctions" are also perceived to be long-term.

Chelsea seeks negotiations to secure exemptions

wide-ranging restrictions will lead Chelsea FC to lose money on occasions more than one. Apart from aforementioned measures, Chelsea are w only allowed "reasonable costs" towards hosting home matches, values "t exceeding £500,000 per fixture, per team."

In addition, y will longer be able to sell players or offer new contacts. Again, all prize money and TV broadcast payments that Chelsea would recieve in wake of sanctions on its owner, will be frozen.

Meanwhile, football club is currently in negotiations with UK government over securing exemptions to restrictions placed on m, particularly regarding sale of tickets. y are also persuading government to raise £500,000 cap on match-day operating costs. However, re has hardly been a significant breakthrough.

(Im: AP)