Bangladesh, Nov. 19 -- More than two years after Roman Abramovich sold Chelsea Football Club under intense political pressure, billions of pounds from the transaction remain locked in a UK-controlled offshore jurisdiction-trapped at the intersection of geopolitical hostility, opaque financial governance, and competing narratives about the origins of elite wealth. New revelations from Jersey, the Channel Island tax haven that froze the funds, have reignited controversy over the UKs sanctions regime and the credibility of its offshore financial network.

When Russias conflict with Ukraine escalated in early 2022, Abramovich became one of the most high-profile targets of British sanctions. For two decades, he had been a fixture in Londons el...