The board "Le Palais Ducal" from 1908 represents the Doge's Palace in Venice and was sold at auction to a foreign buyer for the equivalent of SEK 316 million.
But the British government can temporarily stop significant works of art from being brought out of the country, and so it has. British galleries now have three months to collect money and match the bid.
"This is an unusual and beautiful example of Monet's studies of Venice and I hope you get enough to keep this treasure in the UK," says MP Rebecca Pow, according to the BBC.
The painting was purchased by German textile manufacturer Erich Goeritz in 1925. He moved to the UK in the 1930s and the work remained in the family's ownership until it was sold earlier this year.