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Russian billionaires Fridman and Aven sell Alfa-Bank stakes in bid to overturn sanctions

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Russian billionaires Fridman and Aven sell Alfa-Bank stakes in bid to overturn sanctions

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The sanctioned billionaires Mikhail Fridman and Petr Aven have sold their stakes in Russia’s largest private lender and its insurance arm, as they attempt to overturn EU sanctions against them.

Fridman and Aven offloaded Alfa-Bank and Alfa Strakhovanie to their longtime partner Andrei Kosogov last year, according to documents seen by the Financial Times, completing a deal struck in 2023 that values the two companies at about Rbs240bn ($2.5bn). The oligarchs held a combined 45 per cent stake in the bank and a 42 per cent stake in the insurer.

Kosogov, who is not under sanctions, has emerged from relative obscurity to become the largest shareholder in Alfa-Bank and LetterOne, the Mayfair-based conglomerate, after buying out his sanctioned partners.

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The oligarchs hope that selling the bank and insurer — a deal expedited by Russian government intervention on ownership of “economically significant” firms — will aid their challenge to the EU sanctions imposed on them in response to president Vladimir Putin’s full-scale invasion of Ukraine.

Last year, the EU’s General Court partially annulled the basis for the sanctions by ruling the bloc had not presented enough evidence to show Fridman and Aven were involved in efforts to undermine Ukraine.

The oligarchs’ victory was the highest profile blow to the EU sanctions regime against Russia since the invasion.

The EU sanctions remain in place, however, under a separate justification that points to Fridman and Aven’s status as “leading business persons [ . . .] involved in an economic sector providing a substantial source of revenue” to the Kremlin.

Fridman and Aven are separately challenging that justification. If they are successful, EU member states could decide to lift the sanctions, appeal the court decision or reinstate them under another new justification. Latvia has appealed against the first ruling in the oligarchs’ favour.

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Anitta Hipper, EU spokesperson for foreign affairs, said the European Commission could not comment on ongoing legal proceedings. “Restrictive measures against Petr Aven and Mikhail Fridman remain in place — these were renewed based on the Council decisions in September 2023 and March 2024,” she said.

Hipper added that the council of EU member states “regularly reviews the listings”.

UK and EU sanctions forced Fridman and Aven, as well as their former partners German Khan and Alexei Kuzmichev, to cede control over investment group LetterOne and resign from its board.

Kosogov, the former head of Alfa’s investment unit, had the smallest share in the oligarchs’ empire until he bought Khan’s and Kuzmichev’s stakes in Alfa-Bank and LetterOne in 2022, making him the largest shareholder in both companies. Khan and Kuzmichev lent Kosogov funds to buy their stakes in LetterOne for a combined $7bn and agreed an option allowing them to buy them back within 10 years, according to a High Court ruling in December.

Kosogov then agreed a deal to buy Fridman and Aven’s stakes in Alfa-Bank via a Cypriot holding company and secured an agreement to finance the purchase with a loan from state-run Gazprombank, according to correspondence seen by the FT.

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The regulatory approval in Cyprus required for the sale stalled, however, prompting repeated public complaints by Alfa-Bank’s Luxembourg-based parent company.

In the meantime, Russia passed a law allowing the state to redomicile “economically significant” companies held in western jurisdictions.

The initial list of such firms released by Russia’s government last March only named six — the first three of which were the local holding companies controlling Alfa-Bank, Alfa Strakhovanie, and X5, the supermarket group founded by Fridman.

Two months later, a Russian court annulled the Luxembourg-based company’s rights to Alfa-Bank and Alfa Strakhovanie, transferring Fridman and Aven the rights to hold the shares or offload them to Kosogov.

Kosogov has undertaken to pay for the deal out of his own funds, according to the sale agreements.

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Though Cyprus approved the deal in July, the Russian decision had in effect rendered it moot as Fridman and Aven no longer needed to seek EU approval to transfer control of the Russian companies.

The law “gives owners a legal way to wipe their hands, because it’s a court and government decision that they seemingly have nothing to do with, but the companies on the list always had good relations with the Russian government,” said Alexandra Prokopenko, a fellow at the Carnegie Russia Eurasia Center in Berlin.

By allowing Russian companies to pay dividends and protecting them from seizure under the sanctions, the process “ties their owners to the Russian regime even more closely”, she added.

Fridman and Aven declined to comment. Kosogov did not respond to a request for comment.

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Former Olympian pleads not guilty in reflecting pool vandalism charges

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Former Olympian pleads not guilty in reflecting pool vandalism charges

Former U.S. Olympian David Hearn (left) walks with his attorney Norman Eisen to speak to reporters and protesters gathered after his arraignment at the Superior Court of the District of Columbia in Washington, D.C. on Thursday.

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Former U.S. Olympic canoeist David Hearn pleaded not guilty to damaging the Lincoln Memorial Reflecting Pool in D.C. Superior Court Thursday morning.

Federal prosecutors charged Hearn with a single count of destruction of property causing more than $1,000 in damage to the pool.

Hearn has previously claimed, which his attorneys repeated during a short press conference outside the court, that he simply touched the water in the pool out of curiosity.

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The Trump administration had just completed a $14 million renovation of the pool.

But shortly after the work finished, peeling paint and algae gathered in the water. The remodel has been largely criticized as a massive failure and waste of taxpayer dollars.

Superior Court Judge Carmen McLean released Hearn on his own recognizance. His next hearing is scheduled for Aug. 5.

Norm Eisen, one of Hearn’s attorneys, spoke to reporters outside of court following the hearing. He said the administration is using Hearn as a “scapegoat … for their own failures.”

“It is not a crime to touch the reflecting pool, to touch water in the United States of America,” he said.

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Prosecutors say there is a host of evidence against Hearn.

This is a developing story.

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

Three more people have been criminally charged with destruction of property at the Lincoln Memorial Reflecting Pool.

Officers say they detained Cameron Thiers, Sophie Dennison-Gibby and Justin Carreno one Saturday afternoon in June and described in court documents witnessing them peeling and removing pieces of blue paint from the Reflecting Pool.

One officer “witnessed Carreno reach down into the reflecting pool and pull up a piece of the blue paint,” according to the court documents.

The officer who detained Dennison-Gibby “found 1 additional piece of the reflecting pool liner” in her purse, the documents said.

All three incidents were recorded on the officers’ body worn cameras, they said in the court documents.

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Several “partnering law enforcement agencies assigned to the Reflecting Pool” working with US Park Police were involved in detaining the two men and one woman — including officers from Texas, Oklahoma, Montana and California.

One of the officers said in court documents that Thiers “admitted to removing a piece of blue sealant from the Reflecting Pool and still had it in his hand when I made contact with him.”

The three defendants were arraigned in court Wednesday and pleaded not guilty to the misdemeanor charges of destruction of property with a value less than $1,000. The judge ordered them to stay away from the Reflecting Pool.

Lawyers for Thiers and Dennison-Gibby declined to comment. CNN has reached out to Carreno’s attorney.

If found guilty of destruction of property, the defendants could be fined up to $1,000 and face a maximum of 180 days behind bars.

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The New York Times first reported that three additional people had been charged with damaging the Reflecting Pool.

President Donald Trump has repeatedly claimed that vandals caused major damage to the pool by gashing the lining after his administration spent more than $14 million on renovations, though he has not provided evidence to support that claim. The officers who charged Carreno, Thiers and Dennison-Gibby did not accuse them of gashing the lining.

Former Olympic canoeist David Hearn was indicted by a grand jury in Washington, DC, last week for allegedly damaging the Reflecting Pool. Hearn — unlike Carreno, Thiers and Dennison-Gibby – was charged with destruction of property with a value of more than $1,000 which carries a maximum penalty of 10 years in prison, if convicted. He is set to be arraigned in court Thursday.

Crews began draining the Reflecting Pool over the weekend to make repairs, according to Interior Secretary Doug Burgum, for the second time in three months.

The move comes after weeks of problems – algae blooms, green-hued water, a chipping bottom and the administration’s allegations of vandalism – that have plagued the iconic landmark, making its woes the subject of national interest.

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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