Russian Billionaire Sues French Customs for Seizing His Yachts
A Russian billionaire is suing French authorities in an effort to win back access to two of his yachts, arguing customs officials did not have the right to immobilize them despite him being on an EU sanctions list, his lawyer said on Thursday.Alexey Kuzmichev, one of the main shareholders of Russia's Alfa-Bank, who was sanctioned by the EU in March for his ties to President Vladimir Putin, appealed the seizure of his ships "La Petite Ourse" and "La Petite Ourse II", held in the Cote D'Azur towns of Antibes and Cannes, respectively."If you own an asset for your personal use, like a yacht, you have the right to make use of it even though it's frozen"…
UK Sanctions Gazprombank, Alfa Bank and Sovcomflot
Britain froze the assets of Russia's Gazprombank and Alfa Bank, and the state-run shipping firm Sovcomflot FLOT.MM, in its latest round of sanctions announced on Thursday.They were among 59 individuals and entities added to the sanctions list which has been used to target Moscow since Russia invaded Ukraine.Gazprombank is one of main channels for payments for Russian oil and gas.Alfa-Bank is one of Russia's top private lenders, controlled by Mikhail Fridman, who was sanctioned by Britain earlier this month…
Russia's Grip on Biggest Port Operator Tightens
Moscow tightened its grip on Russia's biggest port operator on Friday, making a government official chairman and ousting representatives of the only private shareholder from the board.The changes follow the arrest last month on organized crime and embezzlement charges of Ziyavudin Magomedov, head of the Summa conglomerate which with a joint venture partner owns a 50.1 percent stake in the port operator. He denies the charges.Several senior Russian business executives have said the prosecution would allow the state to extend its control over the Russian economy…
US Sanctions Put Gazprom-Shell Alliance Plans in Jeopardy
Royal Dutch Shell's plans to build a strategic alliance with Russia's Gazprom could be in jeopardy after the United States added one of Gazprom's biggest gas fields to its list of Russian sanctions on Friday. Shell and Gazprom signed an agreement in June to develop a strategic alliance in the gas sector, ranging from upstream - exploration and production - to sales, including possible asset swaps. Development of the Yuzhno-Kirinskoye field on the island of Sakhalin in the Pacific, a project known as Sakhalin-3, has been seen as central to that alliance as it would allow the two companies to expand their sole existing LNG venture, Sakhalin-2, located nearby.
