Russian Alfa-Bank Gains Direct Control Of 15.56% Of Belarusian Alfa-Bank Through Arbitration

Reform.news Editorial Team · 12 August 2026, 09:55

https://reform.news/en/russian-alfa-bank-gains-direct-control-of-15-56-of-belarusian-alfa-bank-through-arbitration/

Russia’s Alfa-Bank has gained direct ownership of a 15.56% stake in the authorized capital of Belarusian Alfa-Bank under a ruling by the Moscow Arbitration Court, Vedomosti reports.

The stake was transferred to the Russian bank from ABH Belarus, a Cyprus-based company that is part of Luxembourg-based ABH Holdings, owned by Alfa-Bank founders Mikhail Fridman, Petr Aven and Andrei Kosogov. The Luxembourg-based company controlled 64.46% of the Belarusian bank.

Under the court ruling, the stake in Belarusian Alfa-Bank was transferred to repay a debt of 40.2 million Swiss francs owed by the Cyprus-based company to the Russian bank. The court proceedings were held behind closed doors.

Experts interviewed by Vedomosti link the legal mechanism to sanctions restrictions: voluntary repayment of the debt by European entities is complicated, while the Russian ruling can be enforced in Belarus. One lawyer also considers the dispute a way to restructure ownership of the asset.