LONDON, (Reuters) – Russian billionaires Mikhail Fridman & PyotrAven declared that they will contest “spurious” European Union sanctions imposed on Russia for its invasion of Ukraine.

On Monday, the EU sanctioned Fridman as well as Aven and dozens more prominent Russians.

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.”

The businessmen stated that they were shocked at the “provedly false” allegations in the EU Regulation which claimed to justify their sanction.

“Mr. Fridman and Mr. Aven will contest the spurious and unfounded basis for the imposition of these sanctions – vigorously and through all means available to them – to reverse unwarranted and unnecessary damage to the livelihoods and prosperity of their many employees, customers, partners and stakeholders and the businesses that they and their partners have built up over the past 25 years.”

Aven claimed that the EU was wrong to declare that he was “especially close” to Rosneft CEO Igor Sechin. Fridman said it was untrue that he had “cultivated strong ties” to the administration of Vladimir Putin.

Both men denied that they were “unofficial emissaries of the Russian government”, or had benefited from Russian decision-makers responsible for destabilizing Ukraine.

“These are malicious and deliberate falsehoods – pure and simple, the product of historical fantasies and conspiracy theories dreamt up by private individuals with their own agendas,” the two businessmen said.

“Sanctioning them based on disproven and malicious gossip will have no impact on Russia’s actions in Ukraine, because Pyotr and Mikhail have no financial or political relationship with President Putin or the Kremlin.”