Chelsea cannot be allowed to operate as "business as usual" after sanctions were imposed on Roman Abramovich, says Sports Minister Nigel Huddleston.
Sales of home tickets and merchandise have been stopped, but the club is allowed to continue to operate.
"We've got to be careful of making sure there isn't any incremental new revenue generation," said Huddleston.
On Tuesday, the Chelsea Supporters' Trust (CST) said it believed more changes to the sanctions needed to be made "as not to punish supporters".
The government's intervention was intended to prevent Russian businessman Abramovich from making any money from Chelsea and his attempt to sell the Premier League club was halted.