Fridman and Aven Sell Stakes in Alfa-Bank and Alfa Insurance to Partner - FT

Financial Times reports that sanctioned billionaires Mikhail Fridman and Petr Aven have sold their stakes in Alfa-Bank and Alfa Insurance to their business partner Andrei Kosogov, according to documents reviewed by the media.

According to FT, the businessmen hope this move will help ease EU sanctions imposed on them following the start of the war in Ukraine in 2022.

The deal was initially agreed in 2023, when Fridman and Aven held 45% of the bank's shares and 42% of the insurance company. Both companies were valued at approximately 240 billion rubles or $2.5 billion at that time.

The transaction was completed in 2024.