Three Russian oligarchs who founded the Genesis Philanthropy Group have stepped down from the Jewish charitable foundation after it pledged to donate $10 million for humanitarian needs in Ukraine, reported Business Insider.
Banking and business billionaires Petr Aven, Mikhail Fridman and German Khan, who established GPG in 2007, were recently sanctioned by the European Union and the United Kingdom due to their ties to Russian President Vladimir Putin.
The resignations will not impact the $10 million that GPG pledged to donate to Ukrainian humanitarian efforts, noted the announcement.
Half of the aid relief will be put toward evacuation efforts and food distribution while $5 million will be put aside to “support humanitarian needs as the situation develops,” according to the foundation’s website.
Aven and Fridman, who the European Union called “one of Vladimir Putin’s closest oligarchs [and] enabler of Putin’s inner circle,” previously said they will “vigorously contest” the sanctions against them.