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☆ Judges just unsanctioned 2 Russian oligarchs worth almost $20 billion
▼ + stars: | 2024-04-10 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

A top EU court struck down sanctions against two billionaire Russian oligarchs on Wednesday. Judges found there was insufficient evidence that they had backed Vladimir Putin's war in Ukraine. The oligarchs, Mikhail Fridman and Petr Aven, are worth almost $20 billion combined, per Bloomberg. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJudges in Brussels struck down sanctions against two Russian billionaires on Wednesday, potentially handing Moscow a big win as the war in Ukraine rages on.

Persons: Vladimir Putin's, Mikhail Fridman, Petr Aven, —, they'd Organizations: EU, Bloomberg, Service, Moscow, European Union, Business Locations: Ukraine, Brussels, European

☆ Russian Billionaire Fridman Loses Challenge Over Mansion Upkeep
▼ + stars: | 2023-10-26 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

LONDON (Reuters) - Sanctioned Russian billionaire Mikhail Fridman cannot spend thousands of pounds a month on the upkeep of his London mansion, containing a 44 million-pound ($53.2 million) art collection, London's High Court ruled on Thursday. Fridman took Britain's sanctions office, OFSI, to court after it refused to allow him to spend 30,000 pounds a month to prevent Athlone House, which he bought for 65 million pounds, from falling into disrepair. The 59-year-old also wanted to spend 1,850 pounds a month on communications systems, which Fridman said regulate Athlone House's telephones, IT, lighting, heating and security. The Office of Financial Sanctions Implementation (OFSI) said it had already licensed Fridman to meet arrears and make one-off payments totalling around 1.4 million pounds, plus future payments of 760,000 pounds a year. Athlone House, in north London, was raided by Britain's National Crime Agency in December, which is the subject of a separate legal challenge by Fridman.

Persons: Mikhail Fridman, Fridman, Judge Pushpinder Saini, Fridman's, OFSI, Saini, Sam Tobin, Deborah Kyvrikosaios Organizations: Athlone, Athlone House, Britain's National Crime Agency, Forbes Locations: Russian, Athlone, Britain, Israel, Russia, London, Ukraine

☆ Russian billionaire Fridman loses challenge over mansion upkeep
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sergei Karpukhin/File Photo/File Photo Acquire Licensing RightsLONDON, Oct 26 (Reuters) - Sanctioned Russian billionaire Mikhail Fridman cannot spend thousands of pounds a month on the upkeep of his London mansion, containing a 44 million-pound ($53.2 million) art collection, London's High Court ruled on Thursday. The 59-year-old also wanted to spend 1,850 pounds a month on communications systems, which Fridman said regulate Athlone House's telephones, IT, lighting, heating and security. Athlone House, in north London, was raided by Britain's National Crime Agency in December, which is the subject of a separate legal challenge by Fridman. The Russian billionaire, whose net worth is estimated by Forbes magazine at $12.8 billion, has been subject to British sanctions since March 2022, a month after Russia invaded Ukraine. His designation under Britain's sanctions regime was updated in September to remove a reference to him being a "pro-Kremlin oligarch".

Persons: Mikhail Fridman, Sergei Karpukhin, Fridman, Judge Pushpinder Saini, Fridman's, OFSI, Saini, Sam Tobin, Deborah Kyvrikosaios Organizations: Alfa Group, Russian, Industrialists, Entrepreneurs, REUTERS, Athlone, Athlone House, Britain's National Crime Agency, Forbes, Thomson Locations: Russian Union, Moscow, Russia, Russian, Athlone, Britain, Israel, London, Ukraine

☆ Donald Trump wants London court to rule 'Steele dossier' sex claims are false
▼ + stars: | 2023-10-16 | by ( Sam Tobin | ) www.reuters.com time to read: +4 min

Trump, the frontrunner for the 2024 Republican presidential nomination, is suing Orbis Business Intelligence for alleged data protection breaches over a dossier written by former British intelligence officer Christopher Steele, who co-founded Orbis. The Steele dossier, published by the BuzzFeed website in 2017, alleged ties between Trump's campaign and Russia and said Trump engaged in sexual behaviour that gave Russian authorities material with which to blackmail him. Orbis, however, argues that Trump is bringing the claim simply to address his "longstanding grievances" against the company and Steele. 'SHOCKING AND SCANDALOUS'Trump's lawyer Hugh Tomlinson told the court the former president wanted to prove that the "shocking and scandalous claims" in the Steele dossier were false. White said Trump only sued Orbis in London after a similar case brought in Florida against Orbis, Steele and others – including his Democratic opponent in the 2016 election, Hillary Clinton – was dismissed.

Persons: Donald Trump, Marco Bello, Christopher Steele, Trump, Steele, Hugh Tomlinson, Tomlinson, Antony White, White, Orbis, Hillary Clinton –, Jean Carroll, Letitia James, Trump's, Mikhail Fridman, Petr Aven, Karen Steyn, Sam Tobin, Ed Osmond, Christina Fincher, Rod Nickel Organizations: REUTERS, Trump, Orbis Business Intelligence, Orbis, Republican, Mr, Democratic, New, Thomson Locations: West Palm Beach , Florida, U.S, London, Russia, British, Moscow, St . Petersburg, Florida, New York

☆ Ukraine freezes assets of three Russian tycoons worth $464 million, prosecutors say
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Pavel Golovkin/Pool via REUTERS Acquire Licensing RightsKYIV, Oct 6 (Reuters) - A Ukrainian court has frozen the Ukrainian assets of three Russian businessmen over their alleged support for Russia's war in Ukraine, prosecutors and the security service said on Friday. The Ukrainian Security Service (SBU) said assets owned by Mikhail Fridman, Pyotr Aven and Andrey Kosogov had been frozen. It said the frozen assets included securities and corporate rights of mobile phone operators, a mineral water producer, financial and insurance companies. "The beneficial owners of the companies are three Russian oligarchs who own one of the largest Russian financial and investment consortia," it said. Since the beginning of Russia's military invasion in February 202, Ukraine has repeatedly seized and nationalised property belonging to Russian businessmen involved in financing the aggression.

Persons: Mikhail Fridman, Keren Hayesod, Pavel Golovkin, Pyotr Aven, Andrey Kosogov, Vladimir Putin's, General's, Pavel Polityuk, Timothy Heritage, William Maclean Organizations: Alfa, REUTERS Acquire, Rights, Ukrainian Security Service, Thomson Locations: Moscow, Russia, Ukraine, Russian

☆ Putin's biologist daughter is still getting published in science journals in the West despite the Ukraine war
▼ + stars: | 2023-09-07 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Maria Vorontsova, Putin's daughter, is a scientist at Moscow State University. Vorontosova, Putin's eldest daughter, is a researcher at Moscow State University specialising in endocrinology, or the study of the system in the body that regulates hormones. The three articles published in MPDI publications appeared in 2022 and 2023, according to Vorontsova's university research profile. Her sister, Katerina Tikhoniva, is a dancer and also works in a senior position at Moscow State University, Reuters reported. In the wake of the Ukraine invasion, the US and other Western allies of Ukraine imposed sanctions on Putin's family.

Persons: Vladimir Putin's, Maria Vorontsova, Vladimir, Putin's, Young Vladimir Putin, Vorontsova, MDPI, Putin, Lyudmila Putina, Mikhail Fridman, Katerina Tikhoniva, Tikhonova's Organizations: Moscow State University ., Service, Moscow State University, US Endocrine Society, Moscow Times, Getty, Putin Reuters, Reuters, US Treasury Locations: Ukraine, Wall, Silicon, Russian, Russia, MDPI, Dresden, Germany, Dutch, Netherlands, Moscow

☆ Ukraine is tracking Da Vincis and Warhols on the art market to stop sanctioned Russian oligarchs cashing in by selling their assets
▼ + stars: | 2023-08-08 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Ukraine has launched a site to track $1.3 billion of art owned by sanctioned Russian oligarchs. The site lists artworks like Picassos and Warhols believed to be bought and sold by sanctioned figures. The nature of the art market offers many loopholes for the transfer of assets, the site says. The database, it says, will allow art market actors to check that they are not dealing in sanctioned goods. Art dealings can be a perfect vehicle for the quiet transfer of assets, largely taking place away from the public eye.

Persons: Warhols, Christ, Auguste Rodin's, Dmitry Rybolovlev, oligarch, Mikhail Fridman, Andy Warhol, Marilyn Monroe, Kandinsky, Petr Aven, Vladimir Putin Organizations: National Agency on Corruption Prevention, Ukraine, EU Locations: Ukraine, Russian, Israeli

☆ A sanctioned Russian billionaire says the UK searched his multimillion-dollar London home illegally using allegations from a 15-year-old report
▼ + stars: | 2023-07-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian billionaire Mikhail Fridman said a UK police warrant to search his home was unlawfully obtained, per Reuters. He wants to overturn the warrant which he said was obtained based on allegations from a 2007 report. Back in December, the UK National Crime Agency, or NCA, searched Fridman's multi-million dollar home over several allegations — including conspiracy to evade UK sanctions and money laundering — per Reuters. Cathryn McGahey, the NCA's lawyer, said in court filings the UK government agency admitted its raid on Fridman's house was "unlawful," per Reuters. An NCA spokesperson told Insider that it accepted that the search warrant contained technical errors.

Persons: Mikhail Fridman, Fridman, Hugo Keith, Cathryn McGahey, Keith Organizations: Reuters, Service, London's, National Crime Agency, European Union, Alfa Group, WikiLeaks, Merriam, Webster, NCA, Agency Locations: Wall, Silicon, Russian, London, Russia, Ukraine, Russia's

☆ The UK exempted some Russian oligarchs from sanctions, allowing them to pay for private chefs, report says
▼ + stars: | 2023-07-27 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

But many of them are allowed to spend a fortune on living expenses, The New York Times reported. One tycoon had permission to pay 19 members of staff, including private chefs, the report said. Last year, officials granted at least 82 exemptions — known as licenses — to oligarchs who were affected by UK sanctions imposed as a result of Russia's invasion of Ukraine, the report said. A big chunk of that money went into a security company that has been under investigation for likely helping Aven evade sanctions, The Times reported, citing court records. A spokesperson for the UK Treasury told The Times that licenses to allow payments for "basic needs" are "strictly monitored."

Persons: Mikhail Fridman, Fridman, Pavel Golovkin, Petr Aven, Vladimir Putin, Aven, Oleg Tinkov, Putin Organizations: New York Times, Service, The Times, EU, Bloomberg, Treasury, Times, Alfa Locations: Wall, Silicon, Ukraine, London, British, Russian, Moscow, Russia

☆ Ukraine to nationalise Sense Bank from its Russian owners
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

KYIV, July 20 (Reuters) - Ukraine's central bank said it will nationalise Russian-owned Sense Bank, one of the country's top commercial banks, and put it under temporary administration on Friday. The National Bank of Ukraine (NBU) said in a statement on Thursday it decided to "withdraw from the market the systemically important" bank and submitted a proposal to the government on the state's participation in the process. Sense Bank, with 3 million depositors, posted losses of 7 billion hryvnias ($189.75 million) in 2022, central bank said. Mikhail Fridman has a 32.86% stake in ABH Holdings S.A., the majority owner of Sense Bank, while Petr Aven holds 12.4%, the bank said on its website. ($1 = 36.8910 hryvnias)Reporting by Olena Harmash, Writing by Anna Pruchnicka, Editing by Timothy Heritage and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Andriy Pyshnyi, Mikhail Fridman, Petr Aven, Olena Harmash, Anna Pruchnicka, Timothy Heritage, Richard Chang Organizations: Bank, National Bank of Ukraine, Sense, ABH Holdings S.A, Sense Bank, Thomson Locations: Ukraine

☆ Ukraine banks’ robust health masks big challenges
▼ + stars: | 2023-05-11 | by ( Pierre Briancon | ) www.reuters.com time to read: +8 min

Across the banking sector, deposits are as abundant as they’ve ever been, and the country’s lenders have found ways to remain profitable. The National Bank of Ukraine, the country’s central bank, deserves plaudits for both its preparations before the war and after it began. NPLs crept up to 38% of total sector loans as of January 1 this year, according to the central bank. It has the equivalent of $4.8 billion in non-performing loans, a staggering 67.5% of its loan portfolio, according to central bank numbers. The fact that Ukraine’s banks not only still exist but are thriving is an achievement in itself.

☆ Russia's Alfa Bank follows in VTB footsteps with record 2022 loss
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

Alfa Bank had made a net profit of 136.6 billion roubles in 2021, a record year for Russian banking sector profits. Provision costs for possible loan losses jumped about five times to 167.4 billion roubles, Alfa Bank's report said. However, net interest income rose to 211.7 billion roubles from 175.8 billion roubles in 2021 and Alfa Bank's assets increased to 5.82 trillion roubles, from 5.62 trillion roubles. Alfa Bank did not respond to a request for comment. Sanctioned Russian businessmen Mikhail Fridman and Petr Aven are in talks over selling their stake in Alfa Bank to their longtime business partner and its co-founder Andrei Kosogov.

☆ Fridman, Aven in talks over selling stake in Russia's Alfa Bank
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Sanctioned Russian businessmen Mikhail Fridman and Petr Aven are in discussions over selling their stake in private Russian lender Alfa Bank to longtime business partner and Alfa Bank co-founder Andrei Kosogov, the bank said on Friday. "As far as we know, such a deal is indeed being worked out," Alfa Bank said. Alfa Bank has been placed under Western sanctions, imposed in response to Russia's invasion of Ukraine last year. Fridman and Aven are seeking to have the personal sanctions on them removed. "Neither Andrei Kosogov nor the seller are under sanctions, so it is likely that the approval of the deal by foreign regulators will not be needed," Alfa Bank said.

BERLIN/FRANKFURT, Jan 19 (Reuters) - BASF (BASFn.DE) investors said that oil and gas business Wintershall Dea's exit from Russia, though painful, clears the way for plans to take it public and for BASF to focus on its chemicals operations. Portfolio manager Arne Rautenberg of mutual fund company Union Investment, among the 10 largest BASF shareholders, welcomed BASF drawing a line. "This step will facilitate an IPO of Wintershall Dea," said Cornelia Zimmermann, a corporate governance specialist at mutual fund group Deka Investment. BASF said last year that the oil and gas company's exposure in Russia was the reason for it to hold off on plans to take Wintershall Dea public. Before the Ukraine war, Russia had accounted for roughly half of WD's global oil and gas output.

☆ Wintershall Dea to leave Russia, causing net loss at BASF
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

"Wintershall Dea will end its Russian activities. Continuing to operate in Russia is not tenable," said Mario Mehren, CEO of Wintershall Dea, which is a 72.7%-27.3% joint venture between BASF and Russian billionaire Mikhail Fridman's investment firm LetterOne. BASF said the impairment would cause a 1.4 billion euros net loss in 2022 according to preliminary results. Wintershall Dea intends to fully exit Russia, BASF said, citing "extensive loss of actual influence and economic expropriation" in the country. Earnings before interest and tax were 6.5 billion euros, slightly below analysts' estimates of 6.8 billion euros.

The frozen Russian assets were 6 billion pounds more than the amount reported across all other British sanctions regimes. It does not include physical assets such as real estate or assets held in Crown Dependencies such as Guernsey and Jersey. The European Union, a 27-nation bloc with an economy five times larger, said in July it had frozen 13.8 billion euros ($13.83 billion) of Russian assets over the war in Ukraine. While Russian assets are currently only frozen, there are discussions on what options are available to seize them. In the first test of Britain's approach to enforcing sanctions, Russian billionaire Petr Aven is challenging in a London court allegations that he evaded sanctions.

☆ Mobile operator Veon may spin off Russian Beeline -Izvestia cites sources
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

Veon operates its Beeline brand through its subsidiary Vimpelcom in Russia, a market that accounts for around half of the group's revenues. Veon also operates Beeline in Kazakhstan and Kyivstar in Ukraine. "We regularly evaluate our portfolio and look for investment or divestment activity that could create value for VEON's stakeholders," Veon said in a statement. Veon's shares have traded near record lows since tumbling after Russia sent its armed forces into Ukraine in February. In Amsterdam, Veon shares were up around 7% by 1052 GMT.

☆ LetterOne proposes $1 bln debt deal for Holland & Barrett- Sky News
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterPeople wearing protective face masks are seen outside a Holland & Barrett store in Durham, as the spread of the coronavirus disease (COVID-19) continues, Durham, Britain, April 8, 2020. The move is intended to prevent lenders from taking control of Holland & Barrett if it defaulted on its repayment obligations, the report said. Both Holland & Barrett and LetterOne did not immediately respond to Reuters' request to comment. The Russian-linked investment vehicle, co-founded by oligarch Mikhail Fridman, acquired Holland & Barrett in 2017. read more($1 = 0.8779 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Shanima A in Bengaluru; Editing by Shinjini Ganguli and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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