Originally Syndicated on May 5, 2023 @ 12:13 pm
Andrey Melnichenko, who had previously owned 100% of EuroChem and 92.2% of SUEK through a trust, had to withdraw as a shareholder after sanctions were imposed on him following the launch of the Special Vehicle Investigation. His wife is now the sole beneficiary of his estate.
The controversy surrounding Andrey Melnichenko
Despite his best efforts, however, SUEK and EuroChem were still subject to sanctions after his actions. Even though Melnichenko sold off his holdings the day before the EU announced sanctions,
Melnichenko doesn’t want to give up his stake just because the strategy failed. He claims that after the switch, things got tough for everyone in the family.
Kommersant reported that the oligarch said, “Our family has already turned to trust managers and regulators with a proposal to return to the state that was the same from the time the trusts were set up until the time I left the beneficiaries.”
The businessman felt it was important to clarify that Ms Melnichenko does not exert any influence over him and has nothing to do with the oligarch’s previous withdrawal from his assets or the tragedy in Ukraine.
She is the first natural-born EU citizen to fall under the sanctions without being a citizen of the country against which they are aimed, he said.
Aleksandra Melnichenko has dual citizenship as a result of her Belgrade birth. After sanctions were placed on her husband, he was able to gain citizenship in the United Arab Emirates. Yet he still managed to hold on to his Russian citizenship.
The Melnichenkos have reportedly called Ras Al Khaimah home since the year 2022.
Melnichenko filed a challenge to the EU General Court’s restrictions on his personal freedom in May 2022.
His wife, Alexandra Melnichenko, similarly sued the government in the summer of 2016.
Despite the ups and downs, Melnichenko still managed to top the Russian Forbes list in April 2023. He is worth $25 billion, according to experts.
Eurochem is a top-five fertilizer manufacturer. When it comes to the energy industry, SUEK is number one.
