Russian oligarchs Mikhail Fridman and Pyotr Aven agreed to sell their stake in Alfa-Bank in exchange for the lifting of sanctions. The deal could be worth $2.3 billion.
Russian billionaires Mikhail Fridman and Petr Aven, co-owners of Alfa-Bank, are ready to sell their stake in the bank. Reported by the Financial Times.
This is how the Russians want to free themselves from Western sanctions, according to the publication. The buyer could be a longtime business partner of billionaire Andrey Kosogov, who survived international sanctions.
It was noted that Andrey Kosogov agreed to buy the Russian bank. 2.3 billion dollars From its Cypriot parent company. Interestingly, the book value of the bank before the all-out war between the Russian Federation and Ukraine 10.6 billion dollars so the new owner will get the bank at a discount.
“They want to do everything possible to get rid of Russian assets and get rid of sanctions,” one of the interlocutors told the Financial Times.
Therefore, if the deal is approved by the regulatory authorities, Fridman and Aven will cease to be indirect shareholders of Alfa-Bank. At the same time, billionaires have no sign that the sale of Alfa-Bank will convince the European Union to lift sanctions.
Another source of the publication believes that the deal looks great on paper, as neither the Cypriot company nor Andrey Kosogov himself is under sanctions.
“Friedman and Aven avoid sanctions, Kosogov buys the bank and the bank has only one Russian shareholder,” the source said.
The Financial Times writes that the deal could be completed by the spring of 2023 if approved by regulatory authorities, including the Bank of Russia and tax authorities. Approval from the sanctions authorities of the United States and the European Union may also be required.
Who is Mikhail Fridman?
Mikhail Fridman is a Russian entrepreneur. Co-owner of the Alfa Group consortium and Chairman of the Supervisory Board. He is one of the wealthiest entrepreneurs in the Russian Federation and resides in the United Kingdom. In February-April 2022, he was under personal sanctions from the EU and other countries.
In September, media reported that Friedman had offered to transfer $1 billion of his personal fortune to the Ukrainian branch of Alfa Bank, which he co-founded. According to sources familiar with the matter, the proposal was intended to persuade Britain to lift its sanctions.
Sanctions against Petr Aven
Petr Aven, co-owner of the Alfa Group consortium, along with other Russian officials and businessmen, came under EU sanctions on February 28, 2022, due to the Russian invasion of Ukraine. On March 1, Alfa-Bank decided to leave the board of directors. And on March 15, Britain sanctioned Aven.
In May, British authorities launched a criminal case under the article on violation of sanctions against Petr Aven. Searches were made at his home. At the same time, as early as July, a court in London eased restrictions on the Russian businessman’s bank accounts.
Recall that with the outbreak of a full-scale war in Ukraine, the overall wealth of Russian billionaires fell sharply, as Bloomberg reported. More Focus He wrote that the USA imposed sanctions on Russian businessman Vladimir Potanin.
Source: Focus
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