Three sanctioned Russian oligarchs quit board of Jewish philanthropic group they founded

Billionaires Petr Aven, Mikhail Fridman, and German Khan have stepped down from Genesis Philanthropy Group after pledging $10m to help Ukraine

Several wealthy Russian businessmen have stepped down from Genesis Philanthropy Group after pledging $10m to help Ukraine defend against Vladimir Putin’s unprovoked invasion.

Russian oligarchs Petr Aven, Mikhail Fridman, and German Khan have quit the Genesis Philanthropy Group, which they helped to create, after giving $10m to help Ukraine following Russia’s attacks.

Banking and business billionaires Mr Aven, Mr Khan and Mr Fridman were recently sanctioned by both the EU and the UK over their ties to the Russian president.

Four weeks after the invasion of Ukraine, a number of oligarchs are rushing to move their assets out of the West to avoid them being seized. The tax benefits that come with charitable endeavours are also likely to be under scrutiny.

“In order to assure the ability of GPG to stay true to its mission and build on the foundation we have created over the past 15 years, all three have resigned from the Board of Directors,” stated a Genesis email sent on Friday, signed by chairman Gennady Gazin and CEO Marina Yudborovsky, reported the Jerusalem Post.

“Since our founding, Mikhail Fridman, Petr Aven and German Khan have been the drivers of our ability to strengthen Jewish engagement around the world, and each is personally, deeply passionate about a bright Jewish future,” wrote the statement.

The email made no mention of the sanctions against the trio.

Relief money from Genesis will go towards food distribution, evacuation efforts, and elderly and orphan care in Ukraine.