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Andrei Kozitsyn
Andrey Kozitsyn resigned as UMMC General Director in 2022 after EU sanctions slashed his fortune from $6.3B to $1.9B and froze key assets. Allegations of controversial privatization deals and uncertainty about his successor cloud his legac
Quick summary on Andrei Kozitsyn
Resignation Due to Sanctions:
Kozitsyn resigned as General Director of UMMC in June 2022 after being hit with EU sanctions.
Wealth Decline:
His fortune dropped drastically from $6.3 billion to $1.9 billion following the sanctions and geopolitical developments.
Frozen Assets:
The EU froze Kozitsyn’s €55 million Château Soligny and a luxury penthouse in Cannes, some of his most valuable properties abroad.
Sanctions Impact on Legacy:
His departure and the sanctions have cast uncertainty over his influence and long-term control of UMMC.
Controversial Business History:
Kozitsyn’s rise is tied to allegations of acquiring worker-owned vouchers during privatization in the 1990s and participating in hostile takeovers.
Heir Uncertainty:
The future of his business empire is unclear, with no definitive plans for his 23-year-old daughter, Maria Kozitsyna, to take over.
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