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SHOCKING EXIT! SANCTIONED TYCOONS DITCH THEIR BANKING EMPIRE!
In an explosive move that’s rocked the financial world, sanctioned billionaires Mikhail Fridman and Petr Aven have SOLD OFF their stakes in Russia’s biggest private bank, Alfa-Bank, and its insurance giant, Alfa Strakhovanie! The oligarchs are scrambling to overturn EU sanctions, and this jaw-dropping deal may be their best shot!
UNDER THE RADAR! THE SECRET BUYER WHO JUST STRUCK GOLD!
Data reveals that Fridman and Aven offloaded their massive 45% chunk in Alfa-Bank and a 42% slice of the insurer to their long-time pal Andrei Kosogov! Who? You may ask. This low-key player has now become the largest shareholder in both make-or-break companies after snatching them up for a staggering valuation of Rbs240bn (a cool $2.5bn)!
But wait—this is more than just a corporate shake-up. With the Russian government rapidly intervening in ownership of “economically significant” firms, Fridman and Aven are banking on this move to battle back against EU sanctions, originally slapping them down for backing Putin’s ruthless invasion of Ukraine!
COURTROOM DRAMA! EU SANCTIONS UNDER FIRE!
Last year, the EU’s General Court dealt a blow to the ongoing sanctions regime, admitting the bloc didn’t have sufficient evidence to pin Ukraine undermining charges on Fridman and Aven. This stunning legal victory sent shockwaves through EU chambers and was thought to be their best chance at getting off the sanctions hook! But hold your horses—the EU is NOT lifting their sanctions just yet, citing the duo’s roles as “leading business figures” linked with Kremlin revenue.
THE CLOCK IS TICKING! SANCTIONS STILL LOOM!
While Fridman and Aven are battling the EU’s latest justification, the stakes are sky-high! If they manage to dismantle this argument, EU member states could be forced to decide whether to keep the sanctions or throw a lifeline! Latvia is already hot on the trail, appealing the earlier ruling in favor of these oligarchs!
As the drama unfolds, an EU spokesperson declares, “Sanctions against Aven and Fridman are here to stay, renewed as of September 2023 and March 2024!” The pressure is mounting as the council of EU states conducts regular reviews and contemplate their next move!
KOSOGOV’S RISE TO POWER! HOW HE PLAYED HIS CARDS TO PERFECTION!
As a previous head honcho of Alfa’s investment unit, Kosogov was once just a minor player on the oligarchs’ chessboard. But after outmaneuvering his ex-partners, the flurry of money changed everything! He swooped in, buying stakes from former partners and leaving them in the dust!
In a twist that’s straight out of a thriller, Kosogov financed his hefty purchase with billions from state-run Gazprombank, all while maneuvering through a web of legal red tape. The deal was almost derailed due to Cyprus regulatory hurdles, but guess what? Russia had a trick up its sleeve!
LAWS OF THE LAND! THE GAME CHANGER FOR OLIGARCHS!
In a shocking twist, Russia has now passed laws allowing the government to take back ownership of “economically significant” firms stuck in western jurisdictions, like Alfa-Bank and Alfa Strakhovanie! With this game-changing decision, Fridman and Aven’s shares became up for grabs without the hassle of EU approval!
Experts are buzzing, declaring this law a lifeline for oligarchs desperate to sever ties with Western pressures while keeping their wallets fat! But with the current framework tying them to the Russian regime, some fear this situation could seal their fates even tighter!
Neither Fridman nor Aven could be reached for comment, and Kosogov was equally silent. The clock is ticking on this financial saga, and the fallout is sure to be sensational! Stay tuned for updates—it’s a rollercoaster you won’t want to miss!
photo credit: www.ft.com
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