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Sanctioned Russian man secures allowance from frozen funds to cover ‘basic needs’

( July 18, 2022, 17:00 GMT | Official Statement) -- MLex Summary: Russian billionaire Petr Aven, who is on the UK's list of sanctioned individuals, can take out 600,000 pounds a year from frozen funds amid a probe into alleged sanctions evasion to pay for his “basic needs,” a UK court has ruled. It emerged in court there had been failings in communication between the National Crime Agency and the Office of Financial Sanctions Implementation, said Spotlight on Corruption, an NGO. However, in a victory for the NCA, the court refused to set aside its account-freezing order altogether, meaning the agency’s investigation into whether the funds are the proceeds of crime may continue.Statement below...

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