Sir Keir Starmer has ordered Roman Abramovich to “pay up” to victims of the war in Ukraine or risk court action.
Russian oligarch Abramovich promised in 2022 that he would use the £2.5bn he made from selling Chelsea Football Club to help victims of Russia’s invasion of Ukraine.
But the funds remain frozen in a British bank account because of a dispute over how they should be used.
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Abramovich believes the money should be used to help Russians as well as Ukrainians, whereas the government wants the money to be used for humanitarian aid in Ukraine.
Whilst the money still technically belongs to the Russian, he is unable to access it.
In the House of Commons on Wednesday, prime minister Starmer said a licence had been issued to transfer the £2.5bn.
He continued: “My message to Abramovich is this: the clock is ticking. Honour the commitment that you made and pay up now.
“If you don’t, we’re prepared to go to court so every penny reaches those whose lives have been torn apart by Putin’s illegal war.”
A government spokesperson said the funds “would strengthen frontline capacity, enhance protection for the most vulnerable and support sustainable solutions that help Ukraine move from crisis response to long-term resilience”.