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.

Decision taken 'with club's best interest at heart'

His announcement came the day before Chelsea play Liverpool in the League Cup final at Wembley on Sunday.

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."

The Chelsea Supporters' Trust has asked the club to provide "urgent clarification" about how the club will be run following Mr Abramovich's announcement.

"The Chelsea Supporters' Trust is deeply saddened and shocked by the Russian invasion of Ukraine and the subsequent loss of life," the trust said in a statement.

"The CST board are ready to work with the trustees of The Chelsea Foundation in order to ensure the long-term interest of the club and supporters.

"We stand with the people of Ukraine."

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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.

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.

'Many uncertainties' around situation of club

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.

There has been no announcement about whether Mr Abramovich would be subject to UK sanctions targeting Russians.

Across the Premier League on Saturday, there was an outpouring of anti-war sentiment, with Manchester City's Ukrainian defender Oleksandr Zinchenko and fellow countryman Vitalii Mykolenko, of Everton, in tears on their respective benches at Goodison Park.

The home side emerged from the tunnel draped in Ukraine flags, with City's players wearing T-shirts also bearing the flag and the words "No War", as the song He Ain't Heavy, He's My Brother was played in the stadium.

Prior to kick-off in the Manchester United game against Watford, the teams gathered together to hold up a sign displaying the word "Peace", while Aston Villa defender Matty Cash took off his shirt to reveal a "stay strong" message to Dynamo Kiev defender Tomasz Kedziora after scoring.