President Putin and Arkady Rotenberg at the funeral of a former judo instructor who taught at the club they attended in St Petersburg

Two billionaire brothers with close ties to President Putin have been forced to sell their private jets after a Swiss bank stopped accepting their loan repayments for the aircraft over sanctions concerns.

Arkady and Boris Rotenberg have known Mr Putin since they were all teenagers in Leningrad, now known as St Petersburg, where they studied judo together. They gained almost all of their wealth from government contracts awarded after Mr Putin, 66, became president in 2000.

Boris Rotenberg’s Bombardier Global 5000 jet, worth $25 million, and Arkady Rotenberg’s Bombardier aircraft, worth $15 million, were put up for sale by Credit Suisse, according to Forbes Russia.

Both men were sanctioned by the United States in 2014 over their links to Mr Putin and had assets frozen.