Roman Abramovich has been sanctioned by the European Union for his connections to Vladimir Putin and Russia amid the country's ongoing invasion of Ukraine.
Abramovich has already been sanctioned by the UK government, with the Chelsea owner announcing prior to those sanctions that he intended to sell the club.
Restrictions on Abramovich have now heavily impacted Chelsea's business due to measures put in place by Britain.
EU sanctions
The EU have now joined the UK government in sanctioning Abramovich after member states formally approved a fourth package of sanctions against Russia.
The sanctions include an import ban on Russian steel and iron, an export ban on luxury goods worth more than €300 and cars costing more than €50,000, and a ban on investments in oil companies and the energy sector.
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Abramovich is one of 14 Russians impacted by the latest package.
"Roman Abramovich is a Russian oligarch who has long and close ties to Vladimir Putin," the EU said in a statement. "He has had privileged access to the president, and has maintained very good relations with him.
"This connection with the Russian leaders helped him to maintain his considerable wealth. He is a major shareholder of the steel group Evraz, which is one of Russia's largest taxpayers. He has therefore been benefiting from Russian decision-makers responsible for the annexation of Crimea or the destabilisations of Ukraine.
"He is also one of the leading Russian businesspersons involved in the economic sectors providing a substantial source of revenue to the Government of the Russian Federations, which is responsible for the annexation of Crimea and the destabilisation of Ukraine."
An impending sale
Abramovich has instructed merchant bank Raine Group to find a new owner for the club amid the Russian oligarch being sanctioned by the UK government, with around a dozen groups said to be interested.
The UK sanctions prevent Abramovich from making money off of Chelsea's impending sale, with the bidding process deadline set for Friday.
Chelsea will not necessarily be sold to the highest bidder, but rather to one that could provide "added value" via their ownership.
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