Published On: Mon, Oct 20th, 2014

Russian Billionaire Mikhail Fridman Cannot (Literally) Make Money Because of Sanctions

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Because of possible ties with Russian billionaire Mikhail Fridman, the banks of England, Australia and Canada want to nix a deal that will allow Fridman to literally make money. Fridman is a backer of Pamplona Capital Management which is now dropping its plans to buy Innovia Firms, which provides supplies for banknotes. Innovia has already entered agreements with the central banks to supply materials for the production of polymer notes. Arle Capital Management discussed with Pamplona takeover of Innovia for $641 million. Fridman is a majority shareholder in Alfa group.

It all sounds complicated, but the bottom line is that even though Fridman is not the Russian government, and sanctions are not against him specifically, the central banks of several countries do not want a Fridman-associated enterprise to take over the supplier of materials for their banknotes. Which raises the question: can anyone do business with anyone who happens to be Russian? A lot of people are going to have to lay off the Smirnoffs.

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