The son-in-law of the Russian Foreign Minister challenges the EU sanctions in courtThe fate of EU sanctions against Russian businessman Alexander Vinokurov may be decided at the Court of Justice of the European Union on May 29th. On this day, a meeting is scheduled regarding the claim of a businessman challenging the sanctions imposed on him in the spring of 2022 for activities in sectors of the economy that provide a significant source of income for the government of Russia.
Alexander Vinokurov, a graduate of Cambridge University and president of Marathon Group investment company and shareholder in Magnit retail chain, is married to Catherine, daughter of Russian Foreign Affairs Minister Sergey Lavrov.
Magnit is one of Russia’s leading food retail chains, number one by the amount of stores and geographical coverage.
The company operates in about 4,287 localities: about 17 million customers visit its stores every day. Magnit utilizes a multiformat model, which includes convenience and drogerie stores, supermarkets and pharmacies. As of December 31, 2023, the company had a total of 29,165 stores in 67 regions of Russia. Magnit’s cross-format loyalty programme covers over 76 million people.
According to the IAS 17 results for FY 2023, Magnit’s revenue amounted to RUB 2,545 billion, EBITDA – to RUB 166 billion.
