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• Private business owners are moving wealthy assets out of the US
• Billionaires such as Mikhail Fridman and Pyotr Aven have vowed to contest the sanctions
Russian billionaires who are connected to President Vladimir Putin are moving their assets out of the United States as the Biden administration levied tough sanctions against Russian entities.
CNBC reported that at least four massive yachts owned by Russian business leaders have been moving toward Montenegro and the Maldives since a wide array of sanctions were announced in recent days by leaders from around the world. The Maldives does not have an extradition treaty with the US.
The West has imposed crippling sanctions on almost all of the Russian financial and corporate systems. The Russian ruble has collapsed to an all-time low.
Vowing to fight
Billionaires such as Mikhail Fridman and Pyotr Aven said that they would contest European Union sanctions imposed in retaliation for the invasion of Ukraine.
In a joint statement, the two business persons, who are supposed to be close aides of Putin said they would "contest the spurious and unfounded basis for the imposition of these sanctions - vigorously and through all means available to them."
The EU said Aven "is one of Vladimir Putin’s closest oligarchs" and that Fridman had been "referred to as a top Russian financier and enabler of Putin’s inner circle."
Also Read: US halts operations at its Belarus embassy, advises non-emergency officials to leave Russia
(Inputs from CNBC)