By Emily Caulkett-
Two 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.
Fridman and Aven, announced on Wednesday night that the men had “ceased to have any involvement with the company”.
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LetterOne, was created by Fridman and partners with proceeds from the sale of TNK-BP after it was bought out by Kremlin energy giant Rosneft, which owns energy assets across Europe, as well as Holland & Barrett and the Spanish supermarket group Dia.
Russia’s economy is facing one of the gravest crises since the 1991 fall of the Soviet Union after the West imposed crippling sanctions on almost all of the Russian financial and corporate system following the Kremlin’s order for a military operation.
Vladimir Putin has tried to justify the operation in Russia as essential to ensure Russian security after the United States enlarged the NATO military alliance to Russia’s borders and supported pro-Western leaders in Kyiv.
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Friedman described the EU sanctions as “malicious and deliberate falsehood”. “Pure and simple, the product of historical fantasies and conspiracy theories dreamed up by private individuals with their own agendas,” their representatives said on Tuesday. “They will fight this injustice with every sinew – for themselves and the tens of thousands of employees in the UK and Europe who rely on them.”
Friedman had 24 hours earlier told journalists he hoped the war in Ukraine would end, but resisted pressing urges to outrightly condemn the Russian regime, pointing out that doing so would be dangerous for himself and his colleagues.
And Fridman insisted that targeting him for sanctions will make no difference “Whatever happens with me will not have any impact on the political decisions in Russia,” Fridman said. He questioned why Russians – just because they were Russian – should be prevented from doing business outside Russia.
The news come after TUI Group’s largest shareholder, the Russian billionaire Alexey Mordashov, resigned from its supervisory board Wednesday after the European Union leveled economic sanctions against him three days earlier.
“The aim of the EU sanctions is to prevent Mr. Mordashov from disposing of his shares in TUI AG,” the Hanover, Germany tour operator said in a statement. “This is to prevent Mr. Mordashov from realizing any proceeds or profits from his investment in TUI.”
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”.
Close Friend Of Putin
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 imposition of these sanctions – vigorously and through all means available to them.”
Fridman, who has an estimated £11bn fortune and owns a £65m mansion in Highgate, north London.ven, who has an estimated $5.5bn fortune, owns Ingliston House, near Virginia Water, on 8.5 acres of land in a gated estate next to Wentworth golf course. His exceeding wealth makes him a concern to the British authorities in terms.
The men said the EU sanctions were “malicious and deliberate falsehood”. “Pure and simple, the product of historical fantasies and conspiracy theories dreamt up by private individuals with their own agendas,” they said on Tuesday. “They will fight this injustice with every sinew – for themselves and the tens of thousands of employees in the UK and Europe who rely on them.”
LetterOne, which was created by Fridman and partners with proceeds from the sale of TNK-BP after it was bought out by Kremlin energy giant Rosneft, owns a swathe of energy assets across Europe as well as Holland & Barrett and Spanish supermarket group Dia.
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