Chelsea owner Roman Abramovich has given trustees of the London side's charitable foundation stewardship of the Premier League club, the Russian said on Saturday.
Abramovich, who bought the London club in 2003, said the foundation was in the "best position to look after the interests" of the club.
"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," he said in a statement.
"I have always taken decisions with the club's best interest at heart. I remain committed to these values."
Abramovich and Chelsea did not reveal why he was giving the foundation stewardship.
However, several Russian individuals and entities have been put under sanctions by British Prime Minister Boris Johnson after Moscow launched an all-out invasion of Ukraine by land, air and sea this week.
Abramovich has not faced any sanctions yet.
Chelsea manager Thomas Tuchel said Friday that uncertainty over Abramovich's future was weighing on the club ahead of Sunday's League Cup final.