Russian tycoon avdeyev exits business to focus on family
Russian oligarch Roman Avdeyev has sold his shares in all Russian companies, including one of the largest private banks in the country - Moscow Credit Bank. The billionaire claims the reason for his decision is his desire to care for 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 remains undisclosed.
"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 stated. He emphasised 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 stands at approximately 950 million pounds. 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 states that since Russia's invasion of Ukraine, at least seven oligarchs have renounced their Russian citizenship, sold their assets, and left the country.
