The UK has lifted sanctions against Aleksey Leonidovich Fisun, who is known for his association with Sovcombank, a Russian bank.
The Office for the Implementation of Financial Sanctions (OFSI) part of the HM Treasury has stated about the removal of Fisun’s name from the sanctions list.
Fisun had been sanctioned by the UK for being a member of Sovcombank supervisory board. The justification for these sanctions stated that “Aleksey Leonidovich Fisun is an “involved person” under the Russia (Sanctions) (EU Exit) Regulation 2019 because he has been, and is, involved in obtaining a benefit from or supporting the Government of Russia by: (1) working as a manager or equivalent of a person (other than an individual) which is carrying on business in a sector of strategic significance to the Government of Russia, namely SOVCOMBANK which is carrying on business in the financial services sector; (2) working as a manager or equivalent of a Government of Russia-affiliated entity, namely SOVCOMBANK which receives, or has received, financing, directly or indirectly, from the Russian Direct Investment Fund.”
In 2021, Alexey Leonidovich Fisun appeared on the list of persons who control Sovcombank. This document stated that the businessman who has Russian citizenship and lives in Stresa, Italy, is the ultimate beneficiary of APUS SRL on the basis of a concluded trust management agreement. APUS Srl is the sole shareholder of Nubian Trading Ltd., which owns a 17.63% stake in Sovco Capital Partners’ authorized capital. In turn, Sovco Capital Partners’ owns 86.45% of the bank’s capital. In 2024, Sovcombank announced that Sovco Capital Partners had slightly reduced its share in the capital – up to 82.8%.
Sovcombank was included on the US sanctions list in February 2021 due to Russia’s aggression against Ukraine. The bank was also included on UK and EU’s sanctions lists.
As of December 31, 2024, Sovcombank was the third private bank in Russia by assets, with 2,000 offices in 1,000 Russian cities and employing 36,000 people. The Sovcombank Group includes systemically important banks, insurance companies, leasing companies, factoring companies, and other financial institutions.
