Abramovich made the announcement in the days after Russia’s invaded Ukraine to protect the club’s reputation, a source close to the club told CNN.
Although some British lawmakers have called for the Russian national to give up ownership of the club, he will stay on as the owner of the Premier League side, according to the source.
Earlier in the week, Member of Parliament Chris Bryant called for Abramovich to lose ownership of Chelsea after seeing a leaked 2019 UK government document that said Abramovich was of interest due to his “links to the Russian state and his public association with corrupt activity and practices,” the MP said in a Twitter post.
“Surely, Mr. Abramovich should no longer be able to own a football club in this country?” he added.
Abramovich himself has not been sanctioned by the UK, according to the UK’s sanctions list website.
When asked about the impact on Chelsea’s financial situation, the source told CNN that the club’s finances will not change and that regarding his investment, Abramovich “has not asked for it back for 20 years and nothing has changed.”
Chelsea has won two Champions League trophies and five Premier League trophies since Abramovich took ownership of the club in 2003.
“The Chelsea Supporters’ Trust is deeply saddened and shocked by the Russian Invasion of Ukraine and the subsequent loss of life,” the group said. “We note Mr. Abramovich’s statement and are seeking urgent clarification on what this statement means for the running of Chelsea FC.”
“We stand with the people of Ukraine,” it added.