Russia Court Suspends Corporate Rights of Alfa Bank Entities, Including Insurance Arm

A Russian court on Monday suspended the corporate rights of the Cyprus-registered holding companies of private lender Alfa Bank and its insurance arm Alfastrakhovanie, according to a court filing.

The finance ministry earlier said that “anti-Russia” sanctions against these entities were impeding Alfa Bank and Alfastrakhovanie’s activities on the Russian financial market.

Many Russian companies are registered in the Netherlands or Cyprus. As Western nations discuss seizing Russian assets abroad, Moscow is keen to reduce possible foreign interference or leverage, particularly over economically important entities.

(Reporting by Elena Fabrichnaya; writing by Maxim Rodionov; editing by Alex Richardson)