Title: Piotr Aven’s Fortune Surges Amidst EU Sanctions; Latvian-Russian Billionaire’s Wealth Hits $7.38B
Article:
The wealth of Piotr Aven, a Russian-Latvian dual citizen and billionaire, has increased by $1.42 billion (approximately €1.36 billion) in 2024, according to the Bloomberg Billionaires Index. Aven’s net worth now stands at a staggering $7.38 billion.
Despite facing European Union (EU) sanctions, Aven’s fortune has grown largely due to his stakes in various companies, primarily managed through the Luxembourg-based holding company, LetterOne. Here are some key investments:
- Wintershall Dea: A leading European gas and oil company.
- Veon: An international mobile telecommunications company.
- Turkcell: The largest mobile phone operator in Turkey.
Aven’s wealth is predominantly tied to the 2013 deal where he and seven other Russian billionaires sold their stakes in TNK-BP, a Russian-British oil company, to the Russian state-owned oil company, Rosneft. Aven received $1.9 billion in the deal, along with the $1.3 billion he had earned in dividends from the company between 2004 and 2012.
Currently, Aven ranks 395th on the Bloomberg Billionaires Index, with the top three spots held by tech entrepreneurs Elon Musk, Jeff Bezos, and Mark Zuckerberg.
Aven, who also holds Latvian citizenship, has been residing in Latvia with his family since the Russian invasion of Ukraine in 2022. The EU, U.S., UK, and several other countries have imposed sanctions on Aven, citing his close ties to Russian President Vladimir Putin and accused him of aiding Kremlin interests, including its aggression in Ukraine.
However, the European Court of Justice annulled the EU sanctions against Aven in February 2022, stating that while there was evidence of his ties to Putin and his inner circle, it was not sufficient to prove that he supported actions or policies that threatened Ukraine’s territorial integrity, sovereignty, or independence, or provided material or financial support to Russian officials involved in the annexation of Crimea.
The legal process surrounding these sanctions continues.
Born in 1955 in Moscow, Aven earned his doctorate in economics from Moscow State University. In 1991, he returned to Russia after the fall of the Soviet Union and served as the Minister of Foreign Economic Relations. He later resigned in 1992 and established a consulting firm, also partnering with Mikhail Fridman, German Khan, and Alexei Kuzmichov to found Alfa Bank.
For more information on the world’s wealthiest individuals, visit Bloomberg Billionaires.