Russia’s highest-ranking government official at the World Economic Forum in Davos has claimed that oligarchs no longer exist in the country and that they were replaced by ‘responsible’ businessmen.

“I’m afraid we no longer have oligarchs. That was a concept of the '90s,” Deputy Prime Minister Arkady Dvorkovich told Bloomberg TV on Wednesday when asked about a U.S. blacklist expected Jan. 29 that will target Russian businessmen with ties to the Kremlin.