Petr Aven, Mikhail Fridman, and German Kahn, three Russian billionaires, have resigned from the board of Genesis Philanthropy Group, a Jewish grantmaking charity they formed in 2007. Sanctions on the three oligarchs were imposed by the EU and UK in response to Russia’s invasion of Ukraine.

From French vineyards to English football teams, sanctioned billionaires are scurrying to relocate and sell Western assets to escape confiscation. According to the release, the oligarchs’ resignations would have no effect on a $10 million payment that GPG had previously agreed to make to the Ukrainian Jewish community. Mikhail Fridman, a Ukrainian-born Jew, was one of the first Russian billionaires to speak out against the conflict in Ukraine, according to a statement addressed to LetterOne staff. In a recent interview with Bloomberg, he said that sanctioned oligarchs like him had little influence on Putin and that challenging him on Ukraine would be “death.” Despite mounting criticism from Russia’s elite, which has lost billions since the conflict began, analysts have told Insider that Putin is likely unconcerned with the oligarchs’ pushback, with just his small inner circle having his ear.

Reference

Three more Russian billionaires resign from the LetterOne board. https://www.theguardian.com/business/2022/mar/07/three-more-russian-billionaires-resign-from-letterone-board