30 April, 01:34 PM

Ukrainian court seizes $16 million in assets of Russian oligarch Fridman

At the request of the Prosecutor-General’s Office, a Ukrainian court has seized the assets of companies belonging to Russian oligarch Mikhail Fridman, for a total of over 469 million hryvnias ($16 million), the PGO reported via Telegram messenger on April 29.

The PGO notes that the seized assets relate to bank funds kept in one of Ukraine’s top ten financial institutions. Ukrainian business news outlet Ekonomichna Pravda believes this bank to be Alfa-Bank Ukraine, which is co-owned by Fridman. 

"According to our investigation, a Russian oligarch and businessmen, using Cypriot companies under their control and the aforementioned banking institution, laundered the assets of these companies totaling 1.1 billion hryvnias ($36 million) before the war and during Russia's armed aggression against Ukraine,” the Prosecutor General's Office said. 

“Subsequently, they withdrew some assets from the banking system in Ukraine, and the remainder was seized. Thus, the Russian oligarch and businessmen tried to avoid possible negative consequences in the form of imposed sanctions and applied measures of forced revocation of property rights provided by the legislation of Ukraine.” 

In March, the EU and the UK imposed sanctions on Alfa Group co-owners Mikhail Fridman and Petr Aven. 

In early April, Russia's Alfa-Bank came under full blocking sanctions from the United States. 

While Ukraine's central bank has stated that these sanctions do not apply to the Ukrainian bank of the same name, Alfa-Bank Ukraine’s owners are the same as the Alfa Group, and remain sanctions. 

On April 20, the National Bank of Ukraine approved the candidacy of the former deputy PM of Bulgaria Simeon Djankov for the position of proxy, who will be given the right to vote in the name of the shares of sanctioned owners of Alfa-Bank Ukraine. Prior to that, in March, the NBU stated that the shareholders of Alfa-Bank Mikhail Fridman (32.86%), Herman Khan (20.97%), Alexei Kuzmichev (16.32%) and Petr Aven (12.4%) had lost their business reputations and deprived them of their voting rights.

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