Sanctioned Russians Hand $4.2 Billion Fortune to Partner

Andrey Kosogov now has largest stake in Alfa-Bank, LetterOne
Kosogov, LetterOne remain unsanctioned amid Ukraine invasion

Mikhail FridmanPhotographer: Lior Mizrahi/Getty Images

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By Ben Stupples and Will Louch

May 4, 2022 at 2:01 PM UTC

Updated on

May 4, 2022 at 6:10 PM UTC

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Andrey Kosogov was never meant to assume this much power in the world of Russia’s billionaires.

He’s long served as a trusted partner to the more well-known — and wealthier — oligarchs Mikhail Fridman and Petr Aven at Alfa-Bank and LetterOne. But he’s kept a low profile, never extending his reach to the West with charitable foundations or being linked to luxury London real estate like his counterparts.