LONDON (Reuters] – LetterOne’s three shareholders who were not affected by Western sanctions have resigned as directors. They will no longer receive any income from their London-based investment company.

After the European Union placed sanctions against Fridman, Petr Aven, and their co-founder, the investment group, the new board led by Mervyn Davis, Chairman of the Investment Group, said that it would protect 120,000 jobs related to its holdings.

LetterOne which includes telecoms companies Turkcell and Veon in its portfolio said that while the departures of the directors, German Khan, Alexey Kukmichev, and Andrei Kosogov, had not been approved, they felt it was right to step down.

Fridman and Aven are unable to receive LetterOne dividends, or other financial benefits. Aven and Fridman’s shares have been frozen indefinitely.

Both long-term partners who made billions from oil, retail and banking, pledged last week that they would challenge the EU sanctions in response to Russia’s invasion.

They both claimed that EU accusations against them were defamatory and false.

LetterOne announced Monday that it will make a $150 million donation to the victims of war in Ukraine.

LetterOne’s shareholders have agreed to pay all dividends of LetterOne for relief efforts.

Chairman Mervyn Davy stated: “The new board, and I will concentrate on the protection of LetterOne’s enormous economic and socio-economic contribution.

“I also have the determination to make sure that 120,000 jobs in the UK, USA, and Europe are not lost.”