The newspaper said it "wrongly reported" claims made by an aide of Alexey Navalny in a 6 February article, alleging that Abramovich was a custodian of illegal funds of the Russian leadership and, therefore, must be sanctioned.
"The Independent accepts that Mr Abramovich is not a 'bag carrier' for President Putin and we did not mean to allege that he should be subjected to punitive sanction. We note that Mr Abramovich's representatives have stated publicly that there is no foundation for such claims. We are happy to make this clear and apologise to Mr Abramovich for any misunderstanding", the apology read.
The newspaper committed to covering Abramovich's legal expenses, as well as make a donation to a charity of his choice.
Abramovich ranks 113th in the Forbes list of billionaires 2020, with his net worth exceeding $11.3 billion. In the United Kingdom, he is mostly famous for owning the Chelsea Football Club.