Ukraine has seized Russian oligarch Friedman's assets in Alfa Bank worth more than UAH 12.4 billion

This was announced by Prosecutor General of Ukraine Iryna Venediktova.

"These are securities of Cypriot companies affiliated with the businessman, which were on the bank's accounts. Earlier, at the request of prosecutors from the Prosecutor General's Office, UAH 469 million of funds from Alfa-Bank accounts were seized, which were already being prepared for withdrawal to Russia. At the same time, they did not bother with legalisation. For example, they executed a sham transaction under which a company with a penny share capital was acquired for a fabulous sum," the Prosecutor General said.

According to her, earlier, at the request of prosecutors from the Prosecutor General's Office, UAH 469 million of funds from Alfa-Bank accounts that were already being prepared for withdrawal to Russia were seized. At the same time, they did not bother with legalisation. For example, a sham transaction was executed under which a company with a penny share capital was acquired for a fabulous sum.

The flow of funds in the Russian direction began a couple of weeks before the war and intensified with the start of the full-scale invasion. Friedman and the businessmen he controlled used the bank and Cypriot companies to move funds away from possible sanctions and other enforcement measures. However, they were caught red-handed while legalising assets worth 1.1 billion.

Read all about the confiscation of Russian assets and the Ukrainian model in our research.