It is understood that the move was taken in order to remove Chelsea from negative attention surrounding Abramovich and his alleged association with Russian president Vladimir Putin.
Last week, Putin ordered an invasion of Ukraine and conflict has now entered a fifth day.
In a statement on Saturday, Abramovich revealed he was passing on the stewardship of Chelsea to trustees of the charitable foundation but made no mention of Russia, Ukraine or Putin.
The 55-year-old’s rare public message 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.
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“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.”
However, it has been widely reported that the trustees have not yet agreed to take stewardship of the club.
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Chelsea boss Thomas Tuchel does not expect his day-to-day role to change should Abramovich hand over control of the club.
“I think it will change nothing for me on a daily basis. This is how I understand it,” Tuchel said after Chelsea’s Carabao Cup final defeat by Liverpool on Sunday.
“I am in close contact with Marina and Petr Cech to run the first team of Chelsea football club and to give my input in this and give my very best to win football matches.
“This will not change with the news from yesterday.”