Bloomberg learned about the different decisions of the two banks on sanctions against Potanin

According to BLOOMBERG, after the sanctions imposed against Vladimir Potanin, the American JPMorgan stopped working with the businessman's fund,however, Goldman Sachs continues to provide banking services to himVladimir PotaninVladimir PotaninVladimir PotaninVladimir PotaninVladimir Potanin

After Western countries imposed sanctions against the HEAD of Interros, Vladimir Potanin (a fortune, according to FORBES, is $ 17 billion; he ranks second in the list of the richest people in RUSSIA), the largest American banks JPMorgan Chase & Co and Goldman Sachs Group Inc. disagreed on whether to abandon the management of the assets of the Russian billionaire, according to Bloomberg.

So, according to the agency, JPMorgan eventually severed ties with the Potanin fund, despite almost a decade of consulting services. At the same time, Goldman Sachs continues to provide banking and investment management services to the London-based charity.

The Potanin Charitable Foundation supports sports and art history initiatives, has its own scholarship program, and regularly organizes conferences and forums. it was created in 1999.

According to Bloomberg, the fund has two offices - in Moscow and London. The London fund has a capital of about $100 million, the agency reports. The capital of the Potanin fund in Russia was to grow to 100 billion rubles. after the transfer by Interros of up to 50% of the shares of Rosbank in September 2022.

As a sanctions lawyer at London-based law firm Crowell & Moring explained to Bloomberg, while some banks continue to provide services to sanctioned individuals, they are likely to be “exercising considerable discretion.” “Such decisions should be made at the highest level,” she said.

The Potanin fund paid between $600,000 and $800,000 a year in investment management fees between 2015 and 2021, according to data compiled by Bloomberg. The foundation itself is no longer under UK sanctions after the Charity Commission suspended Potanin's powers to oversee the foundation's trustees in July, the agency recalls.

A spokesman for Goldman Sachs told Bloomberg that the bank has taken all necessary steps to confirm that its relationship with the Potanin fund does not violate sanctions. A JPMorgan spokesman declined to comment.

RBC sent a request to Potanin's representative.

Read on RBC Pro “Catching” ideas and 10 cups of coffee a day: how David Lynch looks for inspiration What is laziness good for and why you don’t need to scold yourself for idleness 30 questions that will help you take stock and set goals for 2023 Anatomy of a lie and the lessons of Don Corleone : 6 books from co-founder Mr.Doors

usaimposed sanctions against Potanin.How they can affect his business Business

Potanin has been under British sanctions since June as the controlling owner of Rosbank: after the purchase from Societe Generale, Interros only reduced its stake in the bank below 50% in the fall. The British authorities justified their decision by saying that Rosbank is doing business in the Russian financial sector, which is of strategic importance to the Russian government, and the businessman himself "continues to accumulate wealth by supporting the regime of [Russian President Vladimir] Putin." In December, sanctions against Potanin, Interros and Rosbank were imposed by the United States.

Earlier, Potanin explained to RBC that the transfer of a significant stake in Rosbank to its employees and a charitable foundation is needed, among other things, to protect the credit institution from sanctions risks. “Of course, there is also such a motive. The change in the shareholder structure in Rosbank will make it easier for the bank to interact with external partners,” the businessman noted.

Charitable assistance in Russia is exempt from value added tax, Irina Bychkova, a leading lawyer in Amulex.ru's tax practice, told RBC. However, the transfer of Rosbank shares to a charitable foundation will not affect the amount of tax deductions of the credit institution itself and will not create any tax savings for Interros, she specified.