Latvia imposes financial and entry restrictions on Fridman and Usmanov

Latvia’s government has imposed national-level financial and entry restrictions on Russian oligarchs Mikhail Fridman and Alisher Usmanov, according to documents attached to the Cabinet’s agenda and reported by LSM.

The order states that Fridman and Usmanov meet the criteria for Latvia’s national sanctions against individuals linked to Russia’s military aggression against Ukraine.

Fridman is described as a prominent businessman close to Russian President Vladimir Putin and one of the main shareholders in Alfa Group. He is also a shareholder in Rosvodokanal, one of Russia’s leading private water supply companies, and ABH Holdings, which controlled one of Russia’s largest banks, Alfa Bank, and continues to control other Alfa Group companies.

The document says Russian authorities expropriated the ownership rights of the European Union management company in Alfa Bank’s Russian management company, JSC AB Holding, in 2024. As a result, indirect shareholders, including Fridman, became direct shareholders in the Russian management company. Fridman later sold those new direct ownership rights to a third party, receiving a substantial payment in Russia, according to the order.

Usmanov is described as an influential businessman close to Putin and one of the main shareholders in USM Holdings. The document says he has close ties to Putin and has been identified as one of the Russian president’s closest prominent business figures.

Usmanov is also described as having close ties to Dmitry Medvedev, deputy chairman of Russia’s Security Council and a former president and prime minister of Russia. The document says Medvedev benefited from using luxury residences controlled by Usmanov for personal purposes.

According to the order, Usmanov owns or directly controls assets, or controls them through USM Holdings, in key sectors of the Russian economy. His largest controlled company is steel producer Metalloinvest, which, along with other companies, operates in the mining sector and provides an important source of revenue for the Russian budget.