Russia-based JSC Alfa-Bank said on March 15 that its shareholders German Khan and Alexey Kuzmichev divested their stakes in the lender.

The bank did not disclose the names of the new shareholders or the value of the transaction. It noted, however, that the stakes of its remaining five shareholders are all below the control level.

Khan was sanctioned by the U.K. and EU on March 15 over Russia's ongoing invasion of Ukraine, while Kuzmichev was also added to the EU's list of sanctioned individuals.

The bank's other co-owners, Petr Aven and Mikhail Fridman, have also been recently hit by Western sanctions over their ties to President Putin in light of the ongoing Ukraine conflict. Both Aven and Fridman still remain shareholders of Alfa-Bank, according to the lender's March 15 announcement. However, they earlier decided to resign as members of the boards of directors at the lender and its parent company ABH Holdings SA.

Alfa-Bank is also under capital market restrictions from the EU, U.S. and Switzerland that were imposed on the lender in connection to Russia's invasion of Ukraine.

Alfa-Bank is almost 100% owned by ABH Holdings, in which Fridman owned 32.9% voting rights as of the end of 2021, and Khan, Kuzmichev and Aven also held significant holdings amounting to 20.97%, 16.3% and 12.4%, respectively.