Fridman and Aven Sell Their Shares in Alfa-Bank for $2.5 Billion

Mikhail Fridman and Petr Aven sold their shares in Alfa-Bank and Alfa-Insurance to their business partner, Andrey Kosogov, for a total of $2.5 billion, as reported by NewsBox.

The founders of Alfa-Bank, Mikhail Fridman and Petr Aven, have divested their stakes in Russia's largest private bank and the insurance company, Alfa-Insurance, by selling their 45% and 42% shares respectively to their long-time associate, Andrey Kosogov, who is not subject to any sanctions.

According to the Financial Times, the transaction was completed in 2023, with a total deal value of $2.5 billion. Fridman and Aven were placed under Western sanctions in 2022, but in 2024, a European court partially lifted these restrictions due to insufficient evidence linking them to activities against Ukraine.

Unlike his former co-owners, Kosogov does not appear on sanction lists, which likely facilitated a legally seamless transfer of assets.