Vladimir Lisin has transferred his stakes in Russia's largest steel plant and rail freight operator to companies registered in Abu Dhabi. This is reported by Bloomberg.
The businessman, whose fortune, according to the Bloomberg Billionaires Index, is about $ 23 billion, transferred his shares in PJSC Novolipetsk Iron and Steel Works and JSC Freight One from Cyprus to the special purpose company Abu- Dabi Serenity II Holdings and Nebula II Holdings, the agency said, citing informed sources.
Most of Lisin's fortune is associated with his 79.3% stake in Novolipetsk Iron and Steel Works, a producer of metal listed on the stock exchange. According to the company's website, as of December 2022, he owned shares through the Cypriot holding company Fletcher Group Holdings.
Lisin is not under US, EU or UK sanctions. The European Union did not impose restrictive measures against the businessman due to the position of several member countries, EUobserver wrote in May, citing diplomatic sources.
“Russian tycoons rushed to the United Arab Emirates after Vladimir Putin’s invasion of Ukraine, attracted by low taxes, international connections and relative openness to their wealth, which contrasts with most of the rest of the world,” Bloomberg noted.
Earlier it was reported that RUSAL also changed the jurisdiction of the holding company for its foreign assets from Cyprus to Qatar , the largest aluminum producer in Russia.
