Volodymyr Zelensky urged Joe Biden not to impose sanctions on Chelsea owner Roman Abramovich as he may be a useful intermediary in peace talks.
While the UK has imposed strict measures on the oligarch to "isolate" Vladimir Putin, Joe Biden has resisted pressure to target him specifically.
Following a call from Zelensky, the White House has reportedly persuaded the US Treasury Department not to go ahead with plans to target Abramovich and his businesses.
The development explains why one of the world's richest men has avoided US sanctions despite the UK and European Union hitting him with travel bans and asset freezes.
According to reports, Biden consulted Zelensky on a range of sanctions, including plans for the Chelsea boss.
When approached about the call, Emily Horne, a spokeswoman for the National Security Council, said: "We are not going to read out private conversations between President Biden and President Zelensky."
The Treasury Department have yet to respond to a request for comment.
"For the negotiations, and in the interest of them succeeding, it is not helpful commenting on the process nor Abramovich's involvement," a spokesperson for Abramovich, 55, said.
"As previously stated, based on requests, including from Jewish organisations in Ukraine, he has been doing all he can to support efforts aimed at restoring peace as soon as possible."
The Russian billionaire, who is believed to now be in Moscow, made his fortune buying up discounted state assets after the collapse of the Soviet Union.
But due to his close relationship with Putin, he has been subject to a string of sanctions in the UK and Europe.
Abramovich has put Chelsea Football Club up for sale with an asking price of at least £3billion.
He is also writing off the £1.5billion debt the club owes him.
His UK staff are said to have been preparing for viewings of his £150 million mansion at Kensington Palace Gardens, London, and a three-storey penthouse at Chelsea Waterfront.
