The 52-year-old millionaire businessman left Russia after his sister Larisa Markus was arrested last month after accusations of fraud. 

It followed the decision of the Central Bank of Russia to put Vneshprombank, the bank Bedzhamov is part owner of, into temporary administration. 

Markus faces 10 years in prison if she is found guilty. 

"The [Russian] Bobsleigh Federation President Bedzhamov is currently in Monaco and is set to ask for political asylum in a European country," the Russian edition of Forbes magazine reported. 

The Bobsleigh Federation of Russia confirmed that 52-year-old Bedzhamov was currently absent but had not resigned. 

"We're now working without the 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."

Besides Vneshprombank, Bedzhamov has several other business interests.

He is the owner of the Russian Glass Company, a group of industrial glass processing plants situated in Moscow, St.Petersburg, Nizhny Novgorod, Krasnodar, Samara, Yaroslavl, Kazan and Sterlitamak regions.

Bedzhamov also reportedly owns a 33 per cent share in the five-star Badrutt's Palace Hotel in St. Moritz.

Bedzhamov became President of the Federation in 2010 and was re-elected after the 2014 Olympics in Sochi, where Russia won three gold medals in bobsleigh and skeleton.

Following the success at Sochi 2014, Bedzhamov was invited to the Kremlin where he received a state decoration from Russian President Vladimir Putin. 

In June 2014 he also became the vice-president of communications at the International Bobsleigh & Skeleton Federation, serving on the world governing body's ruling Executive Committee. 

"Despite the absence of the President the Federation will continue its work in regular mode," Kesoyan said.