FT: Fridman and Aven sold stakes in Alfa Bank to get sanctions lifted

Russian businessmen Pyotr Aven and Mikhail Fridman have sold their stakes in Alfa Bank and AlfaStrakhovanie to partner Andrei Kosogov. This was reported by the Financial Times (FT) on February 6, citing sources.

According to the newspaper, Fridman and Aven sold stakes to get out of the sanctions lists of the European Union (EU).

The businessmen owned a total of 45% of shares in the bank and 42% of the insurance company, at the time of the agreements, they were valued at 240 billion rubles.

As Izvestia found out on February 6, Aven, in addition to selling his stakes in Alfa Bank and AlfaStrakhovanie, is also selling a hunting farm in the Vologda region. According to the announcement, the owners intend to get 200 million rubles for it.

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In March 2022, sanctions were imposed on Fridman and Aven after the launch of a special military operation, as a result of which the bank accounts of the businessmen were blocked and their real estate fell under restrictions. Two months later, the businessmen filed lawsuits with the European Court of Justice in Luxembourg.

In October 2023, Aven called his multi-billion dollar investments in Western countries a mistake. Fridman also regretted his decision to invest in England.

In November of the same year, Kremlin spokesman Dmitry Peskov commented on Mikhail Fridman's return to Russia. According to him, he is no different from other businessmen who have decided to come back to their native country, because everyone has the same homeland.

In April 2024, the European Court of Justice in Luxembourg granted Fridman and Aven's lawsuit to lift the European sanctions imposed on them.