Ukraine: Chelsea’s bank account suspended by Barclays

Chelsea’s bank account has been temporarily suspended by Barclays in the wake of Roman Abramovich being sanctioned by the UK government.The club’s credit cards have also temporarily been suspended.The reason behind the suspension is that the bank requires time to assess the licence Chelsea have been given to continue football-related activities, Skysports reports.Chelsea are hopeful the suspension will be lifted shortly.The UK government on Thursday gave Chelsea a licence to continue with football-related activities after Abramovich had “his assets frozen, a prohibition on transactions with UK individuals and businesses, a travel ban and transport sanctions” imposed on him.The sanctions are intended to stop the 55-year-old from making any money in the UK, but the government has granted Chelsea a special licence to allow fixtures to be fulfilled, staff to be paid and existing ticket holders to attend matches.However, Chelsea cannot offer new contracts to players or staff, conduct any transfer business or sell new tickets to matches as things stand. Read AlsoRussia-Ukraine war: 12 latest developments you should knowUkraine: Premier League disqualifies Abramovich as Chelsea directorUkraine: Mayor abducted as Russian troops inch towards capitalChelsea are scheduled to play Newcastle United, live on Sky Sports, on Sunday.“Barclays suspending Chelsea’s bank account is going to have serious, serious repercussions for the club.“The issue Barclays have got is that the bank account is in the name of Chelsea but the owner is still Roman Abramovich, who has been sanctioned by the UK Government.“Nobody in the UK is allowed to do any business with Abramovich. Chelsea have a special licence to carry on their football-related activities but Barclays have to be sure they are comfortable taking the risk of carrying on providing banking services to Chelsea. Most banks are very risk-averse.“They do not want to do business with people that have been sanctioned by a government. Just because the UK Government say Chelsea can continue to carry on and play games it doesn’t mean Barclays are going to be comfortable with that arrangement. It’s well within their rights to withdraw banking services completely. But this is a temporary suspension and Chelsea are hopeful the suspension will be lifted shortly.“The bank will want to be sure that Chelsea are spending the money on what the government have allowed them to.”Tags: BARCLAYS CHELSEA RUSSIA-UKRAINE WAR UKRAINEjoin punch telegram channelKindly share this story:FOREX, BITCOIN AND BINARY TRADING: We help you professionally trade your forex, bitcoin and binary accounts for minimum 20% weekly profit. For details, visit Whatsapp +2348030797998Breaking!!! Nigerians can now earn in US Dollars by partnering with US based companies as affiliates, your compensation is paid directly to your bank account monthly. Click here to startTOP STORIESbrt, bamise niceBamise: Another lady reveals how arrested BRT driver wanted to rape her inside bus2023 RCCG’ll face moral crisis over Osinbajo, says Dele Momodu2023: RCCG’ll face moral crisis over Osinbajo, says Dele MomoduBabatunde IrukeraFG shuts illegal online banks, freezes business accountsDownload PUNCH NEWS app:Download The Punch News App for AndroidDownload The Punch News App for iOS Punch NewspapersSearch for:Search …NewsSportsMetro PlusPoliticsFeaturedLatest NewsBusinessBusiness & EconomyOpinionEntertainmentAuto FamousAuto PunchBarka Da SallahBarrier BreakersBreaking NewsBrexitColumnsCoronaAnti-corruptionBiafraBoko HaramCase ReviewCourt NewsCourt TriviaCampus ChampionCelebrityCity roundInterviewPanoramaOpinionSpecial FeaturesSpiceTechnologyFamous ParentEducationCartoonColumnsDiasporaAdvertise with © 1971-2022 The Punch NewspaperAbout usAdvertise with usContactSocial media:

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