UK Lifts Sanctions on Russian Billionaire Farhad Akhmedov, Former Co-owner of Northgas

The United Kingdom has removed Russian billionaire and former co-owner of the gas extraction company Northgaz, Farhad Akhmedov, from its sanctions list. This was announced by the UK’s Office of Financial Sanctions Implementation on March 19.

The UK first imposed sanctions on Akhmedov in April 2022, citing that he supported the Russian government by conducting business in a sector deemed “strategically important” to the Kremlin.

Akhmedov challenged the sanctions in court. His lawyers argued that he no longer operates in Russia’s energy sector, has not held any political positions for over a decade, and “was never close to the Kremlin or part of President Vladimir Putin’s inner circle.”

The European Union had also imposed sanctions on Akhmedov but lifted them in September 2023. In 2024, he won a legal case against the EU Council in Luxembourg, with the EU court ruling to annul the sanctions against him.

Akhmedov, a former co-owner of Northgaz, currently ranks 82nd on Forbes’ list of Russia’s wealthiest businessmen, with an estimated net worth of $1.6 billion in 2024.

Earlier, it was reported that the UK and European Union are intensifying discussions on seizing billions in frozen Russian assets to bolster defense spending and increase economic pressure on Moscow ahead of potential peace talks, according to Bloomberg on March 18.