Everton have suspended their sponsorship deals with Russian companies USM Holdings, Megafon, and Yota.
All three are associated with Uzbekistan-born billionaire Alisher Usmanov, whose assets were frozen by the European Union on Tuesday.
In its reasoning, the EU Council said Usmanov “is a pro-Kremlin oligarch with particularly close ties to Russian president Vladimir Putin".
Usmanov defended himself on Tuesday in a statement that called the EU decision “unfair”. Usmanov said: “The reasons employed to justify the sanctions are a set of false and defamatory allegations damaging my honour, dignity and business reputation. I will use all legal means to protect my honour and reputation.”
An Everton statement on Wednesday read: “Everyone at Everton remains shocked and saddened by the appalling events unfolding in Ukraine.
“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.”
It has been reported that Everton will start the process of removing the huge Megafon logo from the side of Goodison Park, and USM signage at their Finch Farm training ground will be taken down.
