// Holland & Barrett remains confident operations won’t be affected by sanctions placed on its Russian oligarch directors

// Holland & Barrett owner L1 Retail is a branch of LetterOne, which is controlled by Russian billionaire Mikhail Fridman

Holland & Barrett has said its operations will not be affected by sanctions placed on its Russian oligarch directors, who have resigned from the board.

The health and beauty retailer was bought by retail investment fund L1 Retail in 2017.

L1 Retail is a branch of Luxembourg-based LetterOne, which is controlled by Russian billionaire Mikhail Fridman.

READ MORE: Holland & Barrett to open 120 stores in Greece, Romania and Bulgaria

Fridman, along with business partner Petr Aven, have been sanctioned by the EU after Russia’s invasion of Ukraine due to their connections to Vladimir Putin.

Aven was described as one of Putin’s “closest oligarchs” by the EU, while Fridman was referred to as a “top Russian financier” of Putin’s inner circle.

The sanctions include the freezing of any assets the pair hold in the EU, as well as a travel ban.

Fridman and Aven said they would “contest the spurious and unfounded basis for the imposition of these sanctions – vigorously and through all means available to them”.

The news comes after shoppers took to Twitter to express their concerns for the Russian-owned Holland & Barrett.

Many had vowed to boycott the retailer.

Click here to sign up to Retail Gazette‘s free daily email newsletter