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In a landmark decision, the estate of Russian billionaire Petr Aven has agreed to forfeit £784,000 following a milestone investigation by the UK’s National Crime Agency (NCA). This development, sanctioned by Westminster Magistrates’ Court in London, represents the NCA’s first successful forfeiture of funds in a probe related to alleged sanctions evasion.
Petr Aven, the former head of Alfa-Bank, Russia’s largest commercial bank, stepped down from the board in March 2022 to help the institution avoid sanctions. The European Union had added Aven to its sanctions list that same month, labeling him as “one of Vladimir Putin’s closest oligarchs.” However, Aven was removed from the list in April 2024. The General Court of the European Union ruled that there was insufficient evidence linking Aven to the support of Russia’s invasion of Ukraine, stating that “none of the reasons set out in the initial acts” were adequately substantiated, and his inclusion on the EU list was “therefore not justified.”
The NCA had previously secured freezing orders in May 2022 for nine bank accounts associated with Aven. Westminster Magistrates’ Court has now approved an agreement between the NCA and Aven’s representatives to forfeit over £783,000 held in these accounts. The investigation centered around approximately £3.7 million that was transferred by a U.S. trust organization to a UK entity just hours before European sanctions on Russia were imposed.
Despite the NCA’s accusations of Aven being a “pro-Kremlin oligarch,” Aven’s lawyers have consistently denied these allegations. Initially, the NCA had sought the forfeiture of up to £1.2 million from Aven.
James Bolton-Jones, a senior advocacy adviser at Spotlight on Corruption, commented on the case, saying: “The NCA’s first successful forfeiture of funds from an investigation into the proceeds of alleged sanctions evasion is a major milestone that should spur greater ambition for future sanctions enforcement action.”
By fLEXI tEAM
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