The billionaire revealed he was passing on the ‘stewardship’, believed to involve the key decisions, to trustees of Chelsea’s charitable foundation.
A statement signed by Abramovich read: “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.
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“I believe that currently, they are in the best position to look after the interests of the Club, players, staff, and fans.”
It comes after Russian President Putin ordered an invasion of Ukraine last Wednesday.
Russian troops have since attempted to gain control of the country’s capital city, Kyiv.
Abramovich was criticised for his statement, which made no mention of Russia’s invasion of Ukraine.
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Former Manchester City defender Micah Richards led the calls for more to be said by Abramovich on the weekend.
“We need more than that don’t we,” Richards told Sky Sports. “After the last couple of days and just say you’re handing it over to charity, I think it’s poor.
“There’s so many questions to be asked, to come out with a statement just like that. What does it even mean?
“It’s almost written in code, we don’t want to tell you what’s happening, here you go read this and pick the bones and figure out what it means.”
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