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Prokhorov Declines Campaign Contributions After Reaching Limit

Dec. 28 (Bloomberg) -- Russian billionaire Mikhail Prokhorov, who plans to contest the presidency next March, asked supporters to cease donations after his campaign fund reached the legal limit of 400 million rubles ($12.6 million).

“There’s no need to transfer any more money,” Prokhorov said in a blog posting today. “By law, I won’t be able to use it anyway.”

Campaign contributions are being made from across the country, he said. Prokhorov, 46, Russia’s third-richest man according to Forbes magazine and the owner of the New Jersey Nets basketball team, this month announced his plan to challenge Prime Minister Vladimir Putin at the polls.

Prokhorov attended a Dec. 24 protest in Moscow against alleged voter fraud in parliamentary elections as Russians rallied in the biggest anti-government demonstrations against Putin since he came to power 12 years ago.

“I feel your support, and it means a lot,” Prokhorov wrote on his blog.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: Paul Abelsky at pabelsky@bloomberg.net

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