Prime minister says oligarch must commit funds from sale of London football club or face court action

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The UK will formally issue instructions to transfer £2.5bn from Roman Abramovich’s sale of Chelsea FC to humanitarian causes in Ukraine, telling the billionaire to commit the funds or face court action.

Keir Starmer told the House of Commons the funds from the oligarch, who is subject to UK sanctions, would be converted in to a new foundation for Ukraine and that the issuing of a licence for the transfer was the last chance Abramovich would have to comply before legal action was taken.