The United Kingdom government has given Russian-born billionaire Roman Abramovich a final warning to transfer the £2.5 billion in proceeds from his 2022 sale of Chelsea Football Club to a new charitable foundation for humanitarian purposes in Ukraine or risk legal action.

Prime Minister Keir Starmer announced that a licence has been issued allowing the frozen funds, which have sat in a UK bank account since his sanctions in the wake of Russia’s invasion of Ukraine, to be released for relief work.

Starmer told lawmakers that “the clock is ticking” and urged Abramovich to honour the commitment he made at the time of the sale, saying ministers are prepared to go to court so “every penny reaches those whose lives have been torn apart” by the conflict.

The government emphasised that under the terms of the licence, the proceeds must be directed specifically to humanitarian efforts in Ukraine, although future gains from the funds could also be used for wider victims of conflict.

Abramovich has previously sought broader flexibility, arguing the money should benefit all victims of the war, including those in Russia, a position that has stalled negotiations.

The funds have remained inaccessible without government authorisation from the Office of Financial Sanctions Implementation, and ministers said they will consider any proposal from Abramovich to establish and fund the designated foundation.

The ultimatum comes as European leaders accelerate plans to use other frozen Russian assets to support Ukraine, underscoring Western efforts to harness immobilised capital to aid Kyiv’s humanitarian and economic needs.

With the 90-day deadline now in place, the government’s readiness to pursue legal enforcement reflects mounting pressure to translate diplomatic pledges into tangible support for those affected by the war.