Russian tycoon seeks reimbursement from Luxembourg.
After the Russian invasion of Ukraine, Luxembourg froze the assets of Mikhail Fridman. Later, a court in Luxembourg ruled that EU sanctions against the oligarch were void. News states that now Fridman is seeking billions in compensation or else he will take legal action.
In a report, Russian tycoon Mikhail Fridman is allegedly seeking tens of billions of euros in compensation from the Luxembourg government for the freezing of his assets. Fridman suggests paying him 15.8 billion US dollars (14.6 billion euros) to reach a peaceful settlement regarding the sanctions issue, as per the Moscow business paper "Vedomosti". Otherwise, he will proceed with legal action.
This demand came a month after a court in Luxembourg overturned the EU sanctions on Fridman and his business partner Pyotr Aven. The article suggests the sum of damages corresponds to the value of his confiscated property. It's bewildering as to why the figure is provided in US dollars.
Fridman's legal representatives submitted the compensation claim in February, but have not yet received a response. Fridman claims Luxembourg's freezing of his assets violates a 1989 investment protection treaty between Belgium, Luxembourg, and the Soviet Union, with Russia being the successor state.
EU issues new sanction decisions against Fridman and Aven
Luxembourg froze Fridman's funds in response to Russia's military aggression against Ukraine, following EU sanctions against Russia. Fridman and Aven successfully had two EU sanction decisions lifted in April.
The EU had implemented the sanctions due to Fridman and Aven's alleged financial support for Russian decision-makers, threatening Ukraine's territorial integrity. However, the judges ruled that these allegations didn't provide adequate evidence and their inclusion on the blacklist was thus unjust.
While Fridman and Aven's lawyers cannot confiscate their properties right away, the EU has already issued new sanction decisions against them, which will not be affected by the aforementioned ruling for the time being. This ruling can still be appealed before the European Court of Justice, and the Council of the EU has enacted further sanctions against them.
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In response to Fridman's compensation claim, the Luxembourg government has yet to provide a response. The new round of EU sanctions against Fridman and his business partner Aven was issued despite the court ruling in Luxembourg that voided the previous sanctions. The Sanctions against Russia, which prompted Luxembourg to freeze Fridman's assets, have been a point of contention between Russia and the Western nations over the conflict in Ukraine.
Source: www.ntv.de
