The Court of Justice of the European Union has rejected the complaint of the co-founder of Alfa Group, German Khan, for inclusion in the EU sanctions list. The sanctions imposed against the Russian billionaire will remain in force.
German Khan is a partner of other shareholders of the company — Mikhail Fridman, Alexey Kuzmichev and Peter Aven. Together with them, he founded in 2013 the investment company LetterOne, based in Luxembourg.
German Khan was sanctioned by the EU for his role in the Alfa Group consortium, which controls the largest Russian retailer X5 Group and Alfa Bank.
The businessman was included in the sanctions lists because he “maintains close relations” with Russian President Vladimir Putin, “continuing to provide him with significant services,” as a result of which the owners of the group receive “business and legal benefits”.
Herman Khan ‘s personal website says: “Khan is not only a successful businessman, but also a philanthropist. Paying tribute to his roots, he finances several large organisations that help preserve Jewish cultural heritage”.
According to Forbes, Khan ranks 18th in the ranking of the richest Russians with a fortune of $8.2 billion.
