Russia invaded their neighbouring country overnight and Boris Johnson has promised a 'massive' package of economic measures in tandem with the US and European Union to cripple the Russian economy
UEFA president Aleksander Ceferin, meanwhile, has called an extraordinary meeting for Friday where it is expected the 68,000-capacity Gazprom Arena in St Petersburg will be stripped of its right to host the Champions League final due to Russia's attacks.
Abramovich has owned Chelsea since 2003 and has overseen the most successful period in the club's history, with his investment helping the club to countless trophies - including five Premier Leagues and two Champions Leagues.
There is no suggestion the Russian oligarch is connected to terrorism or involved in any wrongdoing, even though Prime Minister Boris Johnson mistakenly told the House of Commons he'd been sanctioned by the government.
Nevertheless, Labour MP Chris Bryant is adamant Abramovich's assets should be seized following the news from Ukraine.
On reading this report, Bryant told the Commons on Thursday: "Following some of the reports in The Sun and other newspapers today, I've got hold of a leaked document from 2019 from the Home Office.
"Which says, in relation to Mr Abramovich, as part of HMGs [Her Majesty's Government] Russia strategy, aimed at targeting illicit finance and malign activity, Abramovich remains of interests to HMG due to his links to the Russian state and his public association with corrupt activity and practices.
"An example of this is Abramovich admitting in court proceedings that he paid for political influence.
"Therefore HMG is focused on ensuring individuals linked to illicit finance and malign activity are unable to base themselves in the UK and will use the relevant tools at its disposal including immigration powers to prevent this.
"That's nearly three years ago, and yet remarkably little has been done in relation. Surely Mr Abramovich should no longer be able to own a football club in this country?
"Surely we should be looking at seizing some of his assets, including his £152m home? And making sure that other people who've had tier one visas like this are not engaged in malign activity in the UK."
Earlier this week the government announced it would impose sanctions on three billionaires with close links to President Vladimir Putin as part of the UK's response to Russia's actions in Ukraine.
A spokesperson for Mr Abramovich declined to comment.