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Russian Tycoon Usmanov Cuts Stake In USM Holdings

Billionaire Alisher Usmanov -- Russia's richest man -- is selling a 10 percent stake in his holding company USM back to the firm.

USM said in a statement late on August 12 that the shares are to be offered to senior executives of USM companies and its board members in line with Usmanov's commitment from two years ago.

Usmanov will continue to be USM's largest shareholder with total voting rights of 48 percent.

Usmanov's fortune is estimated at $17 billion by Bloomberg's Billionaire Index. "Forbes" magazine says Usmanov is worth $18.6 billion.

USM has insisted that Usmanov's move is not linked to Western sanctions against Russia. Neither Usmanov nor his companies are on U.S. or EU sanctions lists.

Several Russian tycoons have sold stakes in their businesses to help shield their investments from current or future sanctions.

Based on reporting by Reuters and Bloomberg

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