Russian Oligarch's $16B Claim Against Luxembourg

Mikhail Fridman, a prominent Russian-Israeli oligarch, has initiated a legal battle against Luxembourg, seeking $16 billion in compensation following the freezing of his assets due to European Union sanctions. Fridman’s legal team contends that the sanctions, imposed in 2022 after Russia's invasion of Ukraine, were enacted without due process, resulting in the ongoing inability to manage or benefit from his investments. The claim emphasizes that the fair market value of his assets is conservatively estimated at no less than $16 billion. Fridman, a major shareholder in Alfa Group, one of Russia's largest investment firms, was sanctioned by the EU, which labeled him as a significant financier for Russian President Vladimir Putin's inner circle. However, he successfully contested his inclusion on the sanctions list and was removed in April 2023. His current claim against Luxembourg is based on a 1989 investment treaty between Luxembourg and the former Soviet Union, which he argues has been violated. The legal proceedings have been initiated under the United Nations' international trade rules, with Fridman requesting that the arbitration take place in Hong Kong. His legal representation includes notable figures such as Cherie Blair, the wife of former U.K. Prime Minister Tony Blair. As of now, the Luxembourg government has not provided a response to the allegations or the claim made by Fridman.