Russian billionaires Mikhail Fridman and Pyotr Aven said they would contest the "spurious and unfounded basis" of European Union sanctions imposed for Russia's invasion of Ukraine.

The EU on Monday sanctioned both Fridman and Aven, along with dozens of other prominent Russians, Reuters reported.

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."
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Aven said it was wrong of the EU to say that he was an "especially close personal friend" of Rosneft CEO Igor Sechin. Fridman said it was untrue that he had "cultivated strong ties" to the administration of Vladimir Putin.

They both said it was untrue to state they "were unofficial emissaries for the Russian government" or that they had supported or benefited from Russian decision-makers responsible for the destabilisation of Ukraine.