FT learned about Fridman and Aven’s plans to sell their shares in Alfa Bank due to sanctions

Russian businessmen Mikhail Fridman and Pyotr Aven intend to sell their shares in Alfa Bank to business partner Andrei Kosogov for $2.3 billion (178 billion rubles) in order to free themselves from Western sanctions. About it informed The Financial Times, citing sources.

According to one of them, Fridman and Aven “want to do everything possible to get rid of their Russian assets so that the sanctions are lifted.” It is specified that the transaction can be closed this spring. To do this, it is necessary to obtain permission from regulatory authorities, including from the Russian Central Bank.

The entrepreneurs declined to comment, Kosogov confirmed that the deal had been agreed, but refused to disclose details.

It is specified that Fridman and Aven own 45% Alfa bank through a Luxembourg holding company, which in turn controls the bank’s Cypriot parent company. Before the start of the special operation, Kosogov had the smallest share of all partners, but in March 2022 it increased to 41% due to the acquisition of the share of German Khan and Alexei Kuzmichev.

After the start of the military operation in Ukraine, the EU countries and the United States began to impose sanctions against Russian businessmen. So, on February 28, 2022, the EU imposed sanctions on the owners of the Alfa Group consortium, Petr Aven and Mikhail Fridman. On March 1, 2022 it became known that businessmen will leave the board of directors Alfa bank. At the end of May they filed lawsuits before the European Court of Justice in Luxembourg against the Council of the EU.