In Russia, the possible nationalization of Israeli citizen Fridman’s share in ‘Kyivstar’ was called crossing red lines. Are there any left?

Ukraine is once again discussing the possible seizure of the economic interests of Russian entrepreneurs in Kyivstar. The main reason is the decision of the European Union on September 22, 2026, to exclude Mikhail Fridman from the sanctions list. A native of Lviv, holding citizenships of Russia and Israel, he retained a stake in an international investment structure associated with the largest Ukrainian mobile operator. The Russian newspaper "Our Version" defended these assets after the resumption of the discussion and spoke about geopolitical boundaries.

Author: R. Verter
What Ukraine wants to nationalize and who owns Kyivstar

On September 28, Vladislav Nedashkovsky in "BusinessCensor" estimated Fridman's indirect economic interest in Kyivstar Group at 16.9%, Petr Aven's at 5.4%, and Andrey Kosogov's at 21.1%. In total, about 43.4%. These are not direct shares of the Ukrainian Kyivstar and certainly not proof of these people's access to subscriber data.

The ownership chain goes through Luxembourg's LetterOne, international VEON, and Bermuda-registered Kyivstar Group. LetterOne owns 45.46% of the shares and votes of VEON, and receives another 7.89% economic interest through…

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