Russian billionaire sells bank, focuses on family legacy
Russian oligarch Roman Avdeyev has sold his shares in all Russian companies, including Moscow Credit Bank, one of the largest private banks in the country. The billionaire claims that his decision was motivated by his desire to take care of his 23 children.
Moscow Credit Bank is part of the Rossium Group holding. The bank's shares were bought by another Russian billionaire, Sergey Suradikov. The amount of the transaction is unknown.
"This decision will allow me to devote more time to my family, especially my children, as well as other important areas of my life that are not related to business," Avdeyev wrote in a statement. He emphasized that his decision is a "logical step."
"As a result of this transaction, I no longer own any assets or business projects in Russia," he added.
Russian oligarch disposes of his shares: "A logical step"
The billionaire has 23 children; 19 of them are adopted. A decade ago, he also established a foundation supporting children living in orphanages and foster families.
Forbes estimates that Avdeyev's fortune reaches $1.2 billion. The oligarch began accumulating wealth in the 1990s, selling parts for radio receivers and television decoders. He later entered the banking, pharmaceutical, and real estate industries.
The Moscow Times notes that since Russia's invasion of Ukraine, at least seven oligarchs have renounced their Russian citizenship, sold their assets, and left the country.
