Two UK-based Russian oligarchs have shares in $22bn conglomerate frozen
UK-based Russian billionaire oligarchs Mikhail Fridman and Petr Aven have had their shares in $22bn (£17bn) conglomerate LetterOne, which owns Holland & Barrett, “frozen” days after they were slapped with European Union sanctions following the invasion of Ukraine.
LetterOne, which is just under 50% owned by Fridman and Aven, announced on Wednesday night that the men had “ceased to have any involvement with the company”.
Lord Davies, the company’s chair and former Labour trade minister, told the Guardian: “Mikhail Fridman and Petr Aven have ceased to have any involvement with the company. Their shares are frozen and they will not receive dividends, expenses, information or access to the business.”
As a result, Davies said, the company was “not controlled by sanctioned individuals”. The billionaires, who have said they will “contest the spurious and unfounded basis for the imposition of these sanctions”, will not be able to sell their stakes in LetterOne while subject to sanctions. They will also be barred from entering LetterOne’s offices or speaking to any employees.
Fridman and Aven were placed on the EU sanctions list on Monday. They are not under UK or US sanctions. Fridman was described by the EU as “a top Russian financier and enabler of Putin’s inner circle”.
Aven was described by the EU as “one of Vladimir Putin’s closest oligarchs”, and an “especially close personal friend” of Rosneft chief executive Igor Sechin. “He is one of approximately 50 wealthy Russian businessmen who regularly meet with Vladimir Putin in the Kremlin,” the EU document added.
The men have denied any “financial or political relationship with President Putin or the Kremlin” and said they would “contest the spurious and unfounded basis for the
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