The two nations meet in a crucial Euro 2008 qualifier on Wednesday.
And reports claimed the Russian players would receive £40,000 if they were to defeat Steve McClaren's men.
But a Chelsea statement said: "Roman Abramovich has never offered, proposed or promised any bonuses to the Russian team to beat England."
The billionaire Chelsea owner has close links with football back in his homeland and is reported to bankroll the salary of coach Guus Hiddink.
But the Chelsea statement added: "The financial backing Mr Abramovich gives to Russian football, via his National Academy of Football foundation, is for the development of the game as a whole and is not focused on specific matches.
"Mr Abramovich supports grass-roots football initiatives through such efforts as building football pitches, helping to organise youth sports academies and providing training for coaches."
Chelsea are likely to have four of their players lining up against the Russians, with Ashley Cole, John Terry, Joe Cole and Shaun Wright-Phillips probable starters.
Everton skipper Tim Cahill is getting ready to return to the pitch.
Everton boss David Moye is already preparing to lose players to the African Cup.
Fernando Torres is enjoying his time with Liverpool thus far.
Arsenal doesn't need dirty Russian money.
The Argentine Bulldog can't wait to pair with Wayne Rooney.