Russian oligarchs Mikhail Fridman and Petr Aven are selling their stakes in Alfa-Bank in an attempt to lift sanctions against them. The Financial Times reports this with reference to the sale documents.
- They sold their stakes in Alfa-Bank (45%) and Alfa Insurance (42%) to their business partner Andrey Kosogov. The value of the two companies is estimated at $2.5 billion.
- The deal to buy Friedman's and Aven's stakes was agreed through a Cypriot holding company. The purchase will be financed by state-owned Gazprombank, according to the FT.
- Friedman and Aven declined to comment to journalists. Kosogov did not respond to a request for comment.
In 2024, the General Court of the EU has already partially overturned the grounds for sanctions. It stated that there was insufficient evidence of Friedman and Aven's involvement in efforts to undermine Ukraine. However, the sanctions remained in place.
Friedman and Aven are still recognized as "leading businessmen involved in an economic sector that is a significant source of income" for the Kremlin.
The businessmen also dispute this justification. The cases are ongoing.
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