Latvian government imposes restrictions on two Russian oligarchs

The order notes that Fridman and Usmanov meet the criteria set out in the Cabinet of Ministers’ regulations regarding the imposition of Latvian national sanctions against entities linked to Russia’s military aggression against Ukraine. Usmanov and Fridman have amassed their wealth and influence partly through close ties with the Russian dictator Vladimir Putin and his administration. Fridman is also a former business partner of Pyotr Aven, who has acquired Latvian citizenship. Together, they owned Alfa Bank, the only private bank amongst Russia’s largest banks. The oligarchs, who were subject to sanctions, sold it last year. However, the deal did not help the billionaires to escape international sanctions. Aven and Fridman challenged the sanctions imposed on them at the Court of Justice of the European Union. After the court lifted the sanctions, the Latvian government decided to appeal against these rulings.