The Russian billionaire will no longer be involved in club matters on a day-to-day basis - and long term strategic decision-making powers will instead be handed over to the Chelsea Foundation.

The move comes in light of Russia's widely condemned invasion of Ukraine, ordered by President Vladimir Putin, with whom 55-year-old Mr Abramovich has had close ties with in the past.

His announcement also comes the day before Chelsea play Liverpool in the League Cup final at Wembley.

Russian advance 'slows' due to 'strong resistance' - live updates

In a statement, the Russian billionaire said: "During my nearly 20-year ownership of Chelsea FC, I have always viewed my role as a custodian of the club, whose job it is ensuring that we are as successful as we can be today, as well as build for the future, while also playing a positive role in our communities.

"I have always taken decisions with the club's best interest at heart. I remain committed to these values. That is why I am today giving trustees of Chelsea's charitable foundation the stewardship and care of Chelsea FC.

"I believe that currently they are in the best position to look after the interests of the club, players, staff, and fans."

Key developments from in the Ukraine crisis:

• Reports of fighting across the cities of Kyiv, Mariupol, Kherson, Mykolaiv and Odessa
• Russian flag hanging from police station in Melitopol suggest forces have taken coastal city
• 'Bulk' of Russian forces advancing on capital now 19 miles from city centre
• UK, US and EU imposing direct sanctions on Vladimir Putin and foreign minister Sergei Lavrov
• Decision yet to be made on locking Russia out of Swift international payment system
• French authorities seize cargo ship with Russian flag in English Channel
• Invasion resulting in refugee crisis with 120,000 Ukrainians fleeing to neighbouring countries - UN

Mr Abramovich, who has a net worth of more than $9.6bn according to the Forbes rich list, has been the owner of Chelsea since 2003 and overseen a period of unprecedented success at the west London club.

Since the takeover, a period of incredible transfer spending has helped Chelsea secure five Premier League titles, another five FA Cups, three League Cups, two Champions League crowns, and two Europa League trophies.

Subscribe to the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker

Sky Sports News understands director Marina Granovskaia, technical adviser Petr Cech, and coach Thomas Tuchel will continue in their roles and with their set budgets.

Bruce Buck remains chairman and Guy Laurence chief executive.

Mr Buck is one of The Chelsea Foundation's trustees, who also include John Devine, Emma Hayes, Piara Powar, Seb Coe, and Hugh Roberston.

Earlier this week, German coach Tuchel admitted there were "so many uncertainties around the situation of our club" following Russia's invasion of Ukraine.

It came after Labour MP Chris Bryant told the government that Mr Abramovich should have his assets seized, citing a leaked Home Office document which allegedly suggested the billionaire should not be allowed to be based in the UK.