Russian–Israeli businessman, billionaire, and oligarch Mikhail Fridman is in trouble again. The U.S. Treasury Department imposed new sanctions and three others on the board of Alfa Group, one of Russia’s biggest corporations that has interests in oil, natural gas and banking.
The U.S. Treasury Department said the four individuals targeted include Petr Olegovich Aven, Mikhail Maratovich Fridman, German Borisovich Khan, and Alexey Viktorovich Kuzmichev, all of whom have served on the supervisory board of the Alfa Group Consortium (“Alfa Group”), one of the largest financial and investment conglomerates in Russia. These individuals were previously sanctioned by Australia, Canada, the European Union, New Zealand, and the United Kingdom.
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“Wealthy Russian elites should disabuse themselves of the notion that they can operate business as usual while the Kremlin wages war against the Ukrainian people,” said Deputy Secretary of the Treasury Wally Adeyemo. “Our international coalition will continue to hold accountable those enabling the unjustified and unprovoked invasion of Ukraine.”
Mikhail Fridman is the founder of the Alfa Group, was the former chairman of the supervisory board of the Alfa Group, and remains involved in the conglomerate. Additionally, Fridman chairs an RSPP committee. The Treasury Department said Fridman was designated pursuant to E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy.
In other words, he stand accused of working to help Russia get around international sanctions imposed on the country because of its invasion of Ukraine in 2022.
Mikhail Fridman was designated pursuant to E.O. 14024 for operating or having operated in the financial services sector of the Russian Federation economy. Fridman was also designated pursuant to E.O. 14024 for having acted or purported to act for or on behalf of, directly or indirectly, the RSPP.
As a result of the decision, all property and interests in property belonging to Mikhail Fridman that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, 50 percent or more by him are also blocked. All transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person and the receipt of any contribution or provision of funds, goods, or services from any such person.
Mikhail Fridman is the cofounder of Alfa Bank, Russia’s largest non-state bank and Forbes estimates his wealth at $12.6 billion.
