Abramovich has close links to Russia president Vladimir Putin, who is behind the country’s unlawful invasion of Ukraine.
Some UK politicians have posited that Abramovich’s assets in the country should be seized.
The Russian billionaire took over Chelsea in the summer of 2003 and has injected over £1bn into the club, winning every major club honour available in that time including five Premier League titles, two UEFA Champions League and two Europa Leagues.
In a statement on Chelsea’s official website, Abramovich 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."
