Russian businessman Georgy Bedzhamov, head of the country's bobsleigh and skeleton federation, has left the country and is set to ask for political asylum in Europe, the Russian edition of Forbes magazine has reported.

"The bobsleigh federation president Bedzhamov is currently in Monaco and is set to ask for political asylum in a European country," the magazine stated.

The report added that Bedzhamov, the co-owner of Vneshprombank, had left Russia after the country's central bank earlier this month put the major lender -- which was reckoned among the country's top 40 banks -- into temporary administration.

Bedzhamov's sister Larisa Markus, the president of Vneshprombank, has been accused of fraud and was detained shortly after.

The bobsleigh federation confirmed that Bedzhamov was absent.

"We're now working without the (federation) president," federation spokesman Georgy Kesoyan said.

"We do not know anything about his current location. And his assistants told me that he has not asked to resign."

Bedzhamov, who took over the Russian bobsleigh federation in 2010, was re-elected after the 2014 Olympics in Sochi, where Russia won three gold medals in bobsleigh and skeleton. 

"Despite the absence of the president the federation will continue its work in regular mode," Kesoyan told the press.