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A Russian billionaire businessman is offering to transfer $1 billion of his personal wealth into a Ukrainian bank he co-founded in what is being perceived as an effort to persuade the UK to lift sanctions against him.
Mikhail Fridman’s proposal isn’t the first of its kind as other blacklisted business executives and companies also have made similar overtures to authorities of western countries as they carry out a campaign to economically cripple Russia for invading Ukraine, Wall Street Jornal reported.
While Fridman denied having made a quid pro quo offer to Ukraine, the British Foreign Office told the publication, “The UK does not condone any sanctions avoidance.”
After Russia invaded Ukraine, in March, Western allies sanctioned Russian oligarchs and allies of Russian President Vladimir Putin. Among them was Fridman, who owns controlling shares in Alfa Bank–one of Russia’s largest private financial institutions–which is blacklisted by the US Treasury Department.
Hence, the billionaire’s assets have been frozen in the UK companies since March while investors have been cutting off ties with Fridman to avoid being sanctioned themselves.
Alfa Bank-Ukraine has now proposed to officials in Kyiv that Fridman be allowed to transfer $1 billion of his personal wealth into the bank, Wall Street Journal quoted the financial institution’s supervisory board chairman and former Ukrainian economy minister, Roman Shpek as saying. That money would be used to fund important infrastructure, food, healthcare, and energy security projects in Ukraine, he said.
“The bank would like, as one of the biggest private banks in Ukraine, systemic banks, to be an active player in recovering the Ukrainian economy after the war,” Shpek told the publication.
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Copyright © e-Eighteen.com Ltd All rights resderved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.
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