The European Court did not lift the sanctions imposed in February 2022 against the chairman of the board of directors of Severstal, Alexey Mordashov. The businessman has been trying to challenge the decision on sanctions since last spring.
In early spring 2023, the European Court asked Mordashov to prove that Severgroup, owned by the businessman, sold 5.481% of the shares in Rossiya Bank.
It should be noted that the billionaire presented redacted documentation of his company to the court, from which it was impossible to determine the recipient, according to the court statement, which caught the attention of Frank Media.
The document also explains that the company sold its stake in the bank for 600 million rubles. At the same time, on March 1, 2014, the capital of Russia, according to TASS, was estimated at 45.2 billion rubles. Revenue amounted to more than 125 billion rubles.
Based on this data, the court concludes that the bank’s shares “probably were sold at a price well below their real value.”
In May 2023, the media reported that Mordashov was one of the contenders to acquire Yandex’s assets within the framework of the procedure to divide the company’s business into Russian and international. The company itself was able to avoid international sanctions.
Author:
Natalia Gormaleva
Source: RB
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