- Petr Aven, Mikhail Fridman, and German Kahn resigned from a Jewish philanthropy group they founded.
- The three Russian oligarchs were recently sanctioned by both the EU and the UK.
- The foundation said it will not affect the $10 million in aid GPG has pledged to donate to Ukraine.
Russian oligarchs Petr Aven, Mikhail Fridman, and German Kahn have resigned from the board of Genesis Philanthropy Group (GPG), a Jewish grant-making foundation founded by the trio in 2007.
The three oligarchs were hit by sanctions from the EU and UK following Russia's invasion of Ukraine. Earlier this March, the billionaires similarly left the board of LetterOne, a $22 billion investment firm founded by Fridman.
From French vineyards to British football clubs, sanctioned oligarchs are scrambling to shift and sell their Western assets to avoid seizure. Now, it appears even their philanthropy efforts (and the tax deductions that often come with) cannot escape international 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," GPG wrote in the emailed announcement first reported by The Jerusalem Post on Friday.
The oligarchs' resignations will not impact a $10 million donation that GPG previously pledged to donate to the Ukrainian Jewish community, according to the announcement. Half of the emergency aid relief will go toward evacuation efforts and food distribution, with the second $5 million reserved to "support humanitarian needs as the situation develops," per the foundation's website.
GPG did not respond to Insider's request for comment on whether or not the aid has made it to Ukraine, and which local organizations it will be funding.
Petr Aven and Mikhail Fridman, who are described by the EU as "one of Vladimir Putin's closest oligarchs" and "enabler of Putin's inner circle," have said they will "vigorously contest" the sanctions placed against them in recent weeks.
Mikhail Fridman, a Ukrainian-born Jew, was one of the first Russian oligarchs to speak out against the war in Ukraine in a message sent to LetterOne employees. In a recent interview with Bloomberg, he said sanctioned oligarchs like him have no influence on Putin and it would be "suicide" to challenge him on Ukraine.
Despite growing criticism from Russia's elite who have lost billions since the start of the war, experts previously told Insider that Putin is likely unconcerned about the oligarchs' pushback, and only his tiny inner circle have his ear.
