


He subsequently decided to step down from the boards of LetterOne and Alfa Group so that they could avoid sanctions. Fridman claimed the EU's allegations were false and defamatory. In 2022 the EU imposed sanctions on Fridman in response to the 2022 Russian invasion of Ukraine. Fridman has been a member of numerous public-facing bodies, including the Russian Union of Industrialists and Entrepreneurs, the Public Chamber of Russia, and the Council on Foreign Relations. He is a member of the supervisory board of DEA Deutsche Erdoel AG, which is owned by LetterOne. Prior to 2022, he was on the supervisory board of directors for VEON (formerly Vimpelcom) and X5 Retail Group. Until 2022 Fridman was chairman of the supervisory board of Alfa Group Consortium, and also served on the boards of Alfa-Bank and ABH Holdings. After serving as CEO of TNK-BP, the 50/50 TNK-BP joint venture, for nine years, in 2013 he sold his stake in the company and co-founded the international investment company LetterOne (L1). In 1991 he co-founded Alfa-Bank, one of the largest private banks in Russia. In August 2022, Fridman had a net worth of $11.2 billion, according to the Bloomberg Billionaires Index.

(Moved to 11th place in 2020.) In May 2017, he was also ranked as Russia's most important businessman by bne IntelliNews. According to Forbes, he was the seventh-richest Russian as of 2017. He is one of the co-founders of Alfa-Group, a multinational Russian conglomerate. Mikhail Maratovich Fridman (also transliterated Mikhail Friedman Russian: Михаил Маратович Фридман Hebrew: מיכאיל פרידמן born 21 April 1964) is a Ukrainian-born, Russian–Israeli businessman, billionaire, and oligarch. Co-founder of LetterOne, Alfa Group, and Alfa-Bank
