“ABH Holdings SA Plans Complete Withdrawal from Russian Market, Says Board Member Andrew Baxter”

Andrew Baxter, a member of the board of directors of ABH Holdings SA (“ABHH”), emphasizes that ABHH plans to completely withdraw from all business in Russia – both banking and insurance: “ABHH Group is cooperating with both European and other involved regulators in connection with ” Alfa-Bank” (Russia) sale. At the same time, other options such as change of jurisdiction, restructuring and separation of the company are being explored.”

Also, E. Baxter points out that ABHH shareholders who are subject to EU sanctions do not participate in ABHH’s work in any way, they do not have access to ABHH’s assets and they cannot expropriate their ABHH shares, as they are frozen in accordance with European legislation.

E. Baxter admits that it is obvious that it is currently impossible to do business both in Russia and in the West, including in Ukraine: “The global business concept has proven to be unfeasible. Globalization, contrary to initial expectations and expectations, turned out to be only a cyclical event, and now global business has become a hostage of political decisions. A new “Berlin Wall” has been built. All investors who previously worked in Russia, Ukraine, Europe and America must make a choice. We recognize that the need to make a choice is inevitable, and for us, as a European company, the decision is obvious.