Oliver, who will be assisted by his compatriots Stuart Burt and Simon Bennett, was the centre of football attention in April 2018, when he gave Real Madrid a penalty away to Juventus in added time after the hosts turned around the 3 goals they were losing by in the 1st leg.
Cristiano Ronaldo, who now plays for Juventus, scored the penalty to help Real Madrid for the semi-finals.
40-year old Karasev, who has been an international referee since 2010, will be helped by Igor Demeshko and Maksim Gavrilin in the match between Valencia and Ajax.
It will be his first Champions League match this season, although in 2016-17 he refereed Barcelona v Borussia Moenchengladbach in the group stages (4-0) and Atlético v Leverkusen in the last 16 (0-0).