GBP 750,000 forfeited from Aven, following investigation on evasion of sanctions

LONDON - Estate manager of Russian billionaire Petr Aven has agreed to forfeit GBP 784,000 (EUR 890,000) following an investigation from the UK’s National Crime Agency (NCA).

The money, which the NCA argues was held for the benefit of Aven despite not being in his name, had been frozen since 2022, when he was sanctioned by the UK for supporting the government of Russia.

Attempts to relocate the funds, as well as transactions made after March 15 2022 by Aven's estate manager are believed by the NCA to have been in breach of those sanctions. These included the payment of salaries to over 20 members of Aven's household staff, and the sale of a car.

The money held in the British banks was arrested after Aven's wife and the asset manager admitted that the funds might be used for illegal purposes.

In 2022, the NCA obtained nine Account Freezing Orders over accounts linked to Aven, together with two sets of detained cash.

For the first time in the UK, the National Crime Agency has secured the forfeiture of sanctioned funds under the Proceeds of Crime Act.

Aven has been sanctioned by the US, the UK, the EU and other countries because he is considered by these countries to be close to Russian dictator Vladimir Putin and to serve the interests of the Kremlin, including Russian aggression in Ukraine. 

The Court of Justice of the European Union has annulled the European Union's sanctions imposed on Aven, but Latvia has appealed this decision.

Aven also holds Latvian citizenship and has been living in Latvia with his family since the Russian invasion of Ukraine in 2022.