Sir Keir Starmer has warned Roman Abramovich that “time is running out” as he donates £2.5bn after selling Chelsea to Ukraine.

The prime minister told MPs on Wednesday that ministers had issued a license to transfer proceeds from the sale of Chelsea to a new foundation for humanitarian causes in Ukraine.

Speaking in the House of Commons, he said: “My message to Abramovich is this: time is ticking.

“Follow the promises you make and pay immediately, and if you don’t we are prepared to go to court so that every penny reaches those whose lives have been torn apart by Putin’s illegal war.”

Abramovich sold the club in May 2022 after sanctions were imposed following Vladimir Putin’s invasion earlier that year.

The oligarch has promised to donate proceeds from the sale to the Ukrainian people, but so far he has been unable to reach an agreement with the government on next steps and the funds remain frozen.

Wednesday’s decision to grant the transfer license was aimed at forcing Abramovich to fulfill his commitments before the government takes legal action.

The government had previously raised the possibility of legal action in June, when Chancellor Rachel Reeves and then-Foreign Secretary David Lamy said they were “frustrated” at the failure to reach a deal with Abramovich.

On Wednesday, Reeves said it was “unacceptable” that the money remained frozen in a British bank and said ministers were “ready to take the necessary action” to ensure the funds reach Ukraine.

The Treasury said ministers would consider any proposal by Abramovich to voluntarily transfer funds to Ukraine.

Under the new license, proceeds must go to humanitarian causes in Ukraine, while any future proceeds can be used more broadly to help victims of conflicts around the world.

“The reasons behind the delay”

Sky Sports News Chief Correspondent Kave Solkhkol:

“There has been an ongoing stalemate between the British government and Abramovich, as the government wants the money to go to Ukraine, while Abramovich wants the money to go to “all victims” of the war, some of which may go to Russia.

“Abramovich was sanctioned at the time of the sale, which was only able to go ahead because he had a special license allowing the sale, provided he could prove that he would not personally benefit.

“The money still legally belongs to Abramovich, but he has no access to it.”