UK Finance minister Rachel Reeves and foreign minister David Lammy said late Monday they were "frustrated" by the failure to reach agreement with Abramovich over where the funds of the May 2022 sale go.

The UK government want the funds to be directed towards humanitarian purposes in Ukraine, but the oligarch insists they be used for all victims of the conflict, including in Russia.

A consortium led by US businessman Todd Boehly bought the Premier League giants after Abramovich was sanctioned following Russian President Vladimir Putin's invasion of Ukraine, and the frozen funds are being held in a UK bank account.

They still legally belong to Abramovic and cannot be moved without a licence from the Office of Financial Sanctions Implementation.

"The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine," said the two ministers.

"We are deeply frustrated that it has not been possible to reach agreement on this with Mr Abramovich so far.

"While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible," they added.

The 58-year-old Russian billionaire bought the club in 2003 and had an estimated fortune of $14.5 billion in 2021.

Chelsea enjoyed their most successful ever period under Abramovich, winning two Champions Leagues, five Premier Leagues, five FA Cups, two Europa Leagues and a Club World Cup.