Mikhail Fridman Seeks €14.5 Billion from Luxembourg Amid Sanctions
- Russian oligarch Mikhail Fridman seeks €14.5 billion from Luxembourg amidst sanctions.
- Frozen assets targeted by sanctions imposed by 27 member states, but cleared by European courts.
- Fridman aiming to recover his assets but faces obstacles with assets remaining frozen.
Mikhail Maratovich Fridman, a prominent Russian billionaire and co-founder of the Alfa Group, is among 1,706 Russians impacted by European sanctions imposed since the onset of the Ukraine invasion in February 2022. Despite being labeled a close associate of President Vladimir Putin, Fridman recently secured a favorable ruling from the European General Court, which stated that there was insufficient evidence to prove his support for the Kremlin's actions in Ukraine and Crimea. Following this ruling, Fridman is now pursuing legal action against the Grand Duchy of Luxembourg, which implemented the sanctions. He is demanding the return of his assets and compensation for what he describes as "irreversible and catastrophic damage" to his business, totaling approximately $16 billion (€14.5 billion). The Luxembourg government has acknowledged the initiation of arbitration proceedings and is currently consulting with legal advisors regarding the claim. Fridman, who has established a significant business presence in Luxembourg since the early 2000s, is seeking arbitration under the United Nations Commission on International Trade Law (UNCITRAL). His legal team includes the London-based firm Omnia Strategy, led by Cherie Blair, and the Parisian firm Kiejman-Marembert. Fridman's advisors argue that Luxembourg has breached a bilateral investment agreement with Russia, which also safeguards his investments in several other countries, including the UK, Ukraine, Germany, the Netherlands, and Spain.