EU sanctions against Gutseriev did not affect Safmar Financial Investments

The EU sanctions imposed in June against Belarus, which included Russian businessman Mikhail Gutseriev, do not apply to Safmar Financial Investments PJSC, the holding said in a statement received by RBC.

“Safmar Financial Investments PJSC received an opinion from an independent legal consultant confirming that neither the holding nor its subsidiaries are subject to the restrictions imposed by the said sanctions in accordance with the legislation of the European Union,” the company said.

Gutseriev, who ended up on the EU sanctions list, does not own a stake and does not control either the holding or its subsidiaries, they noted.

The justification for including the businessman on the sanctions list contains a reference to the Safmar brand, however, the message states that the use of the brand does not mean that Gutseriev has control over the holding and owns a share.

“Thus, the introduction of EU restrictive measures against certain individuals and legal entities does not apply to Safmar Financial Investments. The holding and its subsidiaries continue to operate as usual.