The sanctioned co-owners of Alfa-Bank transferred their assets to their partner

Billionaires German Khan and Alexei Kuzmichev, who were on the sanctions lists of the European Union and Great Britain, transferred their shares in Alfa-Bank and LetterOne to partner Andrey Kosogov.

Details. After taking over the assets of Khan and Kuzmichev, Kosogov owns the largest stake in Alfa-Bank and LetterOne, even more than Mikhail Fridman. He now owns a 41% stake in a Russian bank and 47.2% in LetterOne.

• Bloomberg now estimates Kosogov's net worth at $4.2 billion. At the same time, a year earlier, Forbes estimated his fortune at 1.4 billion, placing him in 89th place in the list of the richest people in Russia. Now he would take 35th place in this rating.
• The agency calls the transfer of Khan and Kuzmichev's assets "a prime example of the ongoing cat-and-mouse game" between Western governments and sanctioned Russian billionaires.
• A Bloomberg source notes that Kosogov financed the purchase of LetterOne shares of Khan and Kuzmichev with money borrowed for 10 years at 2% per annum, which was provided, among other things, by the co-owners of the company that fell under the sanctions.

Context. Kosogov is one of the founders of Alfa-Bank and a former member of the Board of Directors of LetterOne. At the same time, Bloomberg notes that a few weeks ago he owned one of the smallest shares in companies. In LetterOne, he had almost no influence, the agency writes. Bloomberg interlocutors at the company said that he did not play an active role in the management of the company and was never even seen at the LetterOne office in London. After the outbreak of the war, Kosogov resigned from the boards of directors of Alfa-Bank and LetterOne.

• The investment company told Bloomberg that it has taken steps to "distance itself from its shareholders" and "eliminate their influence."
• The co-owners of Alfa-Bank Mikhail Fridman, Petr Aven, German Khan and Alexei Kuzmichev came under EU and UK sanctions in March.