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.
Read the article by Hannah Towey in Business Insider Australia.