Roman Abramovich’s assets are set to be frozen by the European Union due to his close ties to Vladimir Putin in what is seen as another heavy blow for the embattled Chelsea FC boss.
EU diplomats met on Monday to place Abramovich on a new sanctions list, according to Reuters.
They are also set to outline further sanctions against Russia, diplomatic sources told the media outlet.
The sanctions are expected to come into effect hours after the meeting ends.
The move comes after EU envoys met on Sunday to discuss a new list of sanctions against Russia and anyone with close ties to Vladimir Putin.
The bloc is expected to introduce a ban on the export of luxury goods to Russia, including expensive cars, and ban the import of Russian steel and iron products, European Commission President Ursula von der Leyen said on Friday.
The Chelsea billionaire owner will no longer be permitted to have any involvement in the running of the club.
The stunning development was announced in a Premier League statement issued at lunchtime.
A Prem spokesperson said: “Following the imposition of sanctions by the UK Government, the Premier League Board has disqualified Roman Abramovich as a Director of Chelsea Football Club.
“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 licence issued by the Government which expires on 31 May 2022.”
The high-flying oligarch is worth £10.4billion, according to Forbes, and owns a £150million mansion in Kensington, a £33milliion West London penthouse and yachts, private jets, helicopters and supercars worth more than £1.2billion.
The UK government also impounded a private jet connected to the Russian oligarch at Farnborough Airport, according to CNBC.
Chelsea on Friday had their accounts frozen, after sanctions came in to ban the club from selling tickets and merchandise.
The club stands to lose millions in ticket and merchandise sales, as well as from sponsors.
Chelsea could be deducted nine points if they go into administration before the end of the season.
They are currently set to lose out on £600,000-per-home game in unsold tickets.
And they can no longer flog club gear at the Stamford Bridge megastore or online.
Telecom firm sponsors Three pulled out of their £40million-a-year deal with the club, and the team has two weeks to find a new buyer who can fork out the £28million per month wage bill or go into administration.