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$420 million of Russian oligarch's Ukrainian assets frozen by court order

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$420 million of Russian oligarch's Ukrainian assets frozen by court order

A Ukrainian court ordered the freeze of Cyprus-registered off-shore assets, belonging to Ukraine-born Russian oligarch Mikhail Fridman – one of the co-founders of Alfa-Bank – the Economic Security Bureau of Ukraine (ESBU) said in a Telegram post on May 17. Over UAH 12.4 billion ($420 million) worth in assets were frozen, including accounts of a Cyprus holding company that owns 40% of Alfa-Bank. “The investigation established that the Russian oligarch (Fridman) and his business partners were using Cyprus-registered companies and their bank to launder assets of these companies, worth UAH 1.1 billion ($37 million), both before and during Russia’s invasion of Ukraine,” the bureau’s mes-sage said.
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