Russian oligarchs Friedman and Aven sold the Alfa -Bank’s shares to get rid of sanctions – FT

Billionairers Michael Friedman and Petro Aven, who are under EU sanctions, sold their shares in Alfa-Bank and Alfa Insurance by Ancient Partner Andriy Koshov. About it reports Financial Times, reports UNN.

Billionairers Mikhail Friedman and Petro Aen, who are under sanctions, sold their shares at the largest private bank of the Russian Federation and its insurance unit, trying to revoke EU restrictions.

According to Financial Times, Friedman and Avenue, last year, they completed an agreement concluded in 2023, passing Alfa-Bank and alpha insurance to their ancient partner Andriy Koshov. The cost of the transaction is estimated at about 240 billion rubles (about $ 2.5 billion). Both oligarchs owned 45% of the bank’s shares and 42% of the insurance company.

Koshov, who did not fall under sanctions, had a smaller share in the business empire Friedman and Aven. However, after the redemption of their assets, he became the largest shareholder of Alfa-Bank and the investment conglomerate of Letterone.

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Friedman and Aven hope that the sale of assets that has been accelerated by the Russian government’s intervention in the property of “economically significant” companies will help them challenge the EU sanctions imposed in response to a full -scale invasion of the Russian Federation into Ukraine. In 2023, the EU Court of Justice partially abolished sanctions on them, stating that evidence of their influence on the war was not enough. This has become one of the greatest blows under the EU’s sanctions against the Russian Federation.

Nevertheless, restrictions remain on a different basis – their status as “key businessmen involved in the economic sector that generates significant Kremlin income.” Friedman and Aven challenge the decision, and if the court approves their position, the EU can either cancel sanctions or find another justification to continue them.

The sanctions of the UK and the EU also forced Friedman, Aven, as well as their former partners Herman Khan and Alexei Kuzmichov to give way to control over Letterone and leave the board of directors of the company.

Koshov, who previously managed the Alfa’s investment unit, strengthened his position in 2022, when he bought the shares of Khan and Kuzmichov in Alfa-Bank and Letterone. At the same time, they borrowed him funds for this Agreement worth $ 7 billion and agreed to the option for the return of shares for 10 years.

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Subsequently, Koshov acquired Friedman’s and Aven’s shares in Alfa-Bank through a Cyprus Holding Company, using a loan from a state gas pipe. However, the process was delayed due to the need to obtain a permit from the Cyprus regulator, which caused criticism from the maternal company of the bank in Luxembourg.

In response, the Russian Federation adopted a law that allows the state to change the jurisdiction of “economically significant” companies. In March 2023, the Russian government included in this list Alfa-Bank, Alfa Insurance and Retel-Group X5, founded by Friedman. Two months later, the Russian court transferred the right of ownership of the bank and the insurance company Friedman and Aven, or their buyers, in fact depriving the mother Luxembourg Company control over these assets.

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Despite the fact that Cyprus approved the agreement in July, the decision of the Russian authorities made it controversial because Friedman and Aven no longer needed the EU permission to transfer their assets.

Experts say that this process binds more closely to Kremlin owners, allowing them to pay dividends and protect them from the arrest of assets within sanctions.

Friedman and Aven gave up comments. Koshov also did not answer the questions of journalists.

Recall

In 2023, the United States imposed new sanctions against four Russian billionaires, including Petro Aen and Mikhail Friedman.

Later, the Security Service of Ukraine was wanted by Friedman.