Two UK-based Russian oligarchs have shares in $22bn conglomerate frozen

Mikhail Fridman (left) and Petr Aven at a session during the Week of Russian Business, organised by the Russian Union of Industrialists and Entrepreneurs (RSPP), in Moscow in 2017. Photograph: Reuters/Alamy

The UK-based Russian billionaire oligarchs Mikhail Fridman and Petr Aven have had their shares in the $22bn (£17bn) conglomerate LetterOne, which owns Holland & Barrett, “frozen”, days after they were hit with EU sanctions following Russia’s invasion of Ukraine.

LetterOne, which is just under 50% owned by Fridman and Aven, announced on Wednesday night that the men had “ceased to have any involvement with the company” and that it had frozen their shares.