The Brooklyn Nets will continue to play their home games at Baclays Center but the company that runs the NBA franchise is planning to move to Russia, in keeping with the Kremlin's request in order to fight new U.S. sanctions against Russia.

Nets owner Mikhail Prokhorov showed his support for Russian President Vladimir Putin in remarks to reporters at the Kremlin. He said, "A Russian company will own the basketball club. This [move] does not violate any NBA rules, and I will bring it [under Russian jurisdiction] in accordance with Russian law."

Prokhorov ran against Putin in the 2012 Russian presidential election, but is supporting his former foe. He hasn't personally been hit with any U.S. sanctions.

Source: CNBC