It is a serious situation concerning the world, especially Europe, as Russia continues to attack Ukraine. On the same note, Russian billionaire Roman Abramovich has been under constant pressure regarding his Chelsea ownership. However, he has now decided to step down from the club's stewardship and has handed the duties to the club's charitable foundation.

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"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," stated Abramovich in a statement, as released by Chelsea.

ALSO READ: Russia-Ukraine crisis: Chelsea's Roman Abramovich barred from living in Britain?

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"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," Abramovich added.

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Earlier, Abramovich was denied a permanent stay order in the United Kingdom (UK). Also, now that the UK would freeze assets concerning any Russians in the country, it would be interesting to see what he does with his properties. While calls are being made for the billionaire to sell his club, if his assets remain frozen, it is unlikely to happen.

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ALSO READ: Chelsea owner and Russian billionaire Roman Abramovich is now citizen of Portugal

Abramovich owned the club in 2003 and has since invested £1 billion into Stamford Bridge's development and turning the club into a global powerhouse. However, his current stepping down from the stewardship role does not mean he is no longer the club owner. As per Sky Sports, the Russian has asserted that the London-based club is not for sale.

It is unclear if Abramovich will return to the club in any other role in the future. But, it would all depend on the sanctions he faces, along with the Ukrainian situation and the UK-Russia relationship. On the other hand, MPs continue to be vocal about his Chelsea ownership and feel that he should sell the club immediately.

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