The Premier League board of directors has removed Russian billionaire Roman Abramovich from his position as director of Chelsea.

The league released a statement saying that the board's decision "does not impact on the club’s ability to train and play its fixtures, as set out under the terms of a license issued by the Government which expires on 31 May 2022."

The board also stated that its decision will have no impact on the sale of Chelsea FC, which is likely to take place under government approval.

Last week, Roman Abramovich declared his intention to sell the club, stating that the decision is "is in the best interest of the Club, the fans, the employees, as well as the Club’s sponsors and partners".

The Russian entrepreneur stated that he would donate all revenues to victims of Ukraine's crisis. This involves giving crucial cash for victims' immediate and urgent needs, as well as helping long-term healing efforts.

According to UK media, Abramovich was selling the club as well as other properties in the country to avoid penalties related to Russia's military operation in Ukraine.

The Western world has unleashed a campaign of sanctions against Moscow, with restrictions encompassing everything from media outlets, cats, banks, to even a Canadian french fry dish. 

Germany’s Deutsche Bank Ltd., contrary to corporations following the trend of distancing themselves from Russia, has opted to continue its business in the country.

The bank’s CFO told CNBC that the decision stemmed from Deutsche Bank’s duty to care for its clients that still operate in the country. Meanwhile, Goldman Sachs said on Thursday that it would limit its business in Russia, and HSBC told its staff on Monday to stop dealing with Russian banks.