The EU Court upheld sanctions against Herman Khan, co-founder of Russia's Alfa Group
The Court of Justice of the European Union rejected an appeal by Russian oligarch Herman Khan, co-founder of Alfa Group and Alfa Bank, seeking to lift personal sanctions against him, confirming the findings that he continues to exert influence over Russian business.
The EU and the United Kingdom imposed restrictions on the businessman on March 15, 2022, following the start of Russia’s full-scale invasion of Ukraine, freezing his assets. In an attempt to evade the sanctions, Khan, along with his partners Mikhail Fridman, Alexei Kuzmichov, and Andrei Kosogov, formally sold their stakes in the investment company A1 Investment Holding to its CEO, Alexander Fain, for a symbolic 100,000 rubles, and transferred the shares of ABH Holdings (Alfa Bank’s parent company) to Kosogov.
In September 2026, the Council of the European Union updated the rationale for the sanctions, recognizing the sale to A1 as a sham, a finding also confirmed by the High Court of England, which uncovered assets of the holding company worth tens of millions of dollars and pounds sterling that had been concealed during the valuation. European authorities noted that German Khan continued to participate in the management of Alfa Group entities, in particular Alfa Bank.
Source: Judgment of the Court of Justice of the European Union.
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