Everton have suspended their sponsorship deals with Alisher Usmanov.
The Uzbek-born billionaire has had his assets frozen by the EU, due to his links with Russian President Vladamir Putin.
Usmanov has significant links to the Merseyside club, providing huge financial backing.
His holding company, USM, have naming rights to Everton's training ground.
Usmanov also paid €36million for the option of naming rights on Everton's proposed new stadium at Bramley-Moore Dock.
Another company of his, Megafon, are the main sponsors of the club's women's side.
There had been calls for Everton to sever their ties with Usmanov, but the club has stopped short of terminating the deals fully.
Meanwhile, the club says it will continue to offer its full support to Vitaliy Mykolenko.
The Ukranian player blasted what he perceived as silence from Russian footballers on the situation in his home country.
"Everyone at Everton remains shocked and saddened by the appalling events unfolding in Ukraine," an statement from the club read.
"This tragic situation must end as soon as possible, and any further loss of life must be avoided.
"The players, coaching staff and everyone working at Everton is providing full support to our player Vitalii Mykolenko and his family and will continue to do so.
"The Club can confirm that it has suspended with immediate effect all commercial sponsorship arrangements with the Russian companies USM, Megafon and Yota."
Meanwhile, Roman Abramovich's ownership at Chelsea has come under further scrutiny.
Swiss billionaire Hansjorg Wyss claims he has been offered the chance to buy the club off the Russian oligarch.
However, Wyss says he would only do so as part of a consortium.
Abramovich is said to be considering ending his period as owner of the London club due to the prospect of sanctions.