INSUBCONTINENT EXCLUSIVE:
Russian billionaires Mikhail Fridman and Petr Aven sold their stakes in Russias biggest private bank and its insurance arm for $2.48 billion
as they look for to lift EU sanctions, the Financial Times reported Thursday, mentioning documents it obtained.The longtime service partners
struck a handle 2023 to offer their 45% stake in Alfa-Bank and 42% stake in Alfa Strakhovanie to Andrei Kosogov, a previous
associate.Fridman and Avens properties have been frozen under Western sanctions imposed after Russia attacked Ukraine
In April, they successfully challenged an EU court to partly annul Ukraine-related sanctions however are now contesting separate EU
procedures that classify them as leading company individuals in a sector that offers significant income to the Kremlin.FT reported that
Kosogov initially looked for to acquire their stakes through a Cyprus holding company, however the deal stalled due to regulative obstacles
It was later enabled after Russia designated Alfa-Bank and Alfa Strakhovanie as financially substantial companies under President Vladimir
Putins 2023 law enabling the transfer of possessions from hostile countries.In May 2024, a Russian arbitration court nullified the
Luxembourg-based moms and dad business rights to Alfa-Bank and Alfa Strakhovanie, clearing the method for Kosogovs purchase
FT said Kosogov accepted pay the total from his own funds.Kosogov rose to prominence in 2022 when he ended up being the biggest shareholder
in Alfa-Bank and LetterOne, the Alfa Group consortiums investment lorry, after obtaining shares from former partners German Khan and Alexei
Kuzmichev.Fridman, 60, holds Russian and Israeli citizenship, while Aven, 69, is a resident of Russia and Latvia.
