Ukraine seized $420 million in assets from sanctioned Russian oligarch Fridman

  • Ukraine has seized $420 million in assets from Mikhail Fridman, the country’s attorney general has said.
  • The Attorney General’s office said it seized securities of Cypriot companies held in a bank in Ukraine.
  • Alfa founder Fridman was sanctioned by the EU, which called him “an enabler of Putin’s inner circle”.

Ukraine has seized $420 million in assets from sanctioned Russian oligarch Mikhail Fridman, according to Ukraine’s attorney general.

The attorney general’s office said in a Press release on Monday that he had seized securities of Cypriot companies worth more than 12.4 billion Ukrainian hryvnias ($419.7 million) held in a bank in Ukraine.

In a Facebook postIryna Venediktova, Prosecutor General of Ukraine, named Alfa-Bank, which was founded by Fridman.

Alfa did not immediately respond to Insider’s request for comment.

The West has imposed sweeping sanctions on Russia in an effort to cut off funding for its military and pressure President Vladimir Putin to end his invasion of Ukraine. Besides Russian banks, the sanctions have targeted Russian elites and oligarchs, whom some policymakers see as having considerable influence over Putin.

EU sanctioned Fridman alongside his business partner Petr Aven on February 28 and also imposed sanctions on Alpha. In the aftermath of their sanction, Fridman and Aven both resigned from the Moscow-based bank’s board, along with two other members.

They also both quit the board of London investment firm LetterOne, which Fridman had co-founded. The president of the company told the FinancialTimes in March, that employees were not allowed to speak to Fridman and that he had been barred from his offices and prevented from accessing documents.

Fridman is worth around $10.9 billion, according to estimates by Bloomberg. EU mentioned Fridman was known as a “leading Russian financier and an enabler of Putin’s inner circle”.

Fridman spoke out against Russia’s invasion of Ukraine, calling it a “huge tragedy”. He had previously told Reuters that the EU sanctions against him were “baseless and unfair” and that he would challenge them.