The London club's Russian-born owner, Roman Abramovich, announced on Saturday that he was 'giving trustees of Chelsea's charitable Foundation the stewardship and care' of the club.
There was no mention of Russia's recent invasion of Ukraine, but the club have since released a short statement.
It read: "The situation in Ukraine is horrific and devastating. Chelsea FC's thoughts are with everyone in Ukraine.
"Everyone at the club is praying for peace."
Abramovich will remain as Chelsea's owner, but will not be involved in any decision making at the Stamford Bridge club.
The Russian-Israeli billionaire has taken the decision to protect Chelsea from continued links to the wider situation of Russia's war with Ukraine, according to multiple reports.
Chelsea's senior leadership set-up will not change, it is understood, with chairman Bruce Buck now the west London club's most senior figure.
"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," read a statement from Abramovich.
"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."