(Bloomberg) — Sanctioned billionaire Vladimir Potanin, Russia’s richest person, said he’s transferring some of his shares of Rosbank PJSC to his charitable foundation.
(Bloomberg) — Sanctioned billionaire Vladimir Potanin, Russia’s richest person, said he’s transferring some of his shares of Rosbank PJSC to his charitable foundation.
Potanin’s firm, Interros, “has begun the process of transferring up to 50%” of shares in the Russian bank to his foundation, the company said Wednesday in a statement on its website. It’s also shifting as much as 10% of its Rosbank holdings to an incentive program for the lender’s employees, who will receive digital financial assets linked to the stock.
The move is part of his effort to give the bulk of his wealth to charitable causes, Potanin said in the statement. Potanin, 61, has a fortune of $34 billion, according to the Bloomberg Billionaires Index, and the Rosbank shares represent just a fraction of his net worth.
Potanin’s Interros agreed in April to buy Societe Generale SA’s entire stake in Rosbank. At that time, he wasn’t sanctioned by the US, UK or the European Union following Russia’s invasion of Ukraine.
Read more: Sanctions Pull Russian Billionaires Tighter Into Putin’s Embrace
He also got a stake in Tinkoff Bank from founder Oleg Tinkov, who said he was forced to sell after criticizing the war.
UK authorities cited Potanin’s control of Rosbank when the country imposed sanctions against him in June.
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