Roman Abramovich has handed "stewardship and care" of Chelsea to the club's charitable foundation following Russia's invasion of Ukraine.
There have been calls from MPs this week that Russian-born Abramovich should not be allowed to own Chelsea due to his alleged links to Vladimir Putin's regime.
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In a rare statement from Abramovich which was released on the club's website, the Chelsea owner 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 FC Foundation trustees include John Devine, Paul Ramos, Piara Powar, Emma Hayes, Sir Hugh Robertson and Bruce Buck.
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After Russian troops crossed the border into Ukraine on Tuesday, Labour MP Chris Bryant told the House of Commons that the Russian-Israeli billionaire should have his assets seized, questioned whether he should be allowed to operate a football club himself, and quoted a leaked government document suggesting he should not be allowed to be based in the UK.
Chelsea face Liverpool in the Carabao Cup on Sunday.
Ahead of the Wembley showpiece, Chelsea head coach Thomas Tuchel admitted he understood criticism directed at Chelea in the wake of Russia's invasion of Ukraine.
"It's distracting us, it's worrying us, to a certain degree I can understand it, I can understand the critical opinions towards the club and us who represent it," said Tuchel. "We cannot fully free ourselves from it."
Skysports