` Russia’s Biggest Billionaire has bought shares in `Alibaba ‘ after selling them in Apple and Facebook ‘

#AceFinanceNews Russia’s biggest billionaire has bought shares in big Chinese internet retailer Alibaba, after selling his stakes in US tech giants Apple and Facebook.

The deal comes as the West imposes sanctions on Russia, that could spread from politics to business.

Usmanov, 60, a founder of Russia’s iron ore Metalloinvest Holding Company, has an estimated fortune of $18.6 billion as of March 2014 and is increasing his bet on China, while selling American assets.

“Chinese companies account for about 70 percent to 80 percent of the portfolio of our foreign internet investments,” Ivan Streshinskiy, head of Usmanov’s asset-management company USM Advisors LLC, told Bloomberg in an interview in Moscow.

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