The US sanctions Gennady Timchenko's wife and two daughters, making him the wealthiest Russian oligarch with relatives targeted by restrictions

• The family members of Russian oligarch Gennady Timchenko have been sanctioned by the US.
• Timchenko's wife and two daughters were hit by restrictions as the US amplifies pressure on Russia.

The family of sanctioned Russian oligarch Gennady Timchenko have been hit by restrictions as the US government moves to freeze assets of wealthy Russians amid the war in Ukraine.

Timchenko, a close confidant of Russian President Vladimir Putin, founded the private investment firm Volga Group, which was recently sanctioned, per Bloomberg.

He had stakes in various Russian businesses, including Russia's largest and private gas company Novatek. He resigned from the board last week, however.

According to the US Department of State, Timchenko's wife and two daughters were targeted by US sanctions. The restrictions come amid their ties to the Western world.

Timchenko's daughter, Ksenia Frank sat on the board of Transoil, one of her father's companies, and has Finnish nationality, per Bloomberg.

Elena, Timchenko's wife, who is the founder of the Timchenko Foundation, a family fund "aimed at intellectual, spiritual and physical development of people of all generations," also has Finnish nationality.

Timchenko's son Ivan, however, was not sanctioned, the outlet reported.

Timchenko and his family were sanctioned alongside more than 400 individuals and entities identified by the US that "fuel Putin's war machine."

"They personally gain from the Kremlin's policies, and they should share in the pain," Joe Biden said in a tweet.

Since Russia's invasion of Ukraine, the US has imposed sanctions on Russia and Kremlin elites, leaders, oligarchs, and family members.

According to the US Treasury Department, "Putin enablers and elites," including the family of Putin's spokesperson Dmitry Peskov, were sanctioned this month.

The department said they lived "luxurious lifestyles that are incongruous with Peskov's civil servant salary and are likely built on the ill-gotten wealth of Peskov's connections to Putin."

In a recent interview, Russian oligarch, Petr Aven, said he said he was struggling to pay bills and didn't "understand how to survive," following the sanctions imposed on him.