Russian billionaires are studying how Mikhail Fridman and Alisher Usmanov managed to secure their removal from the European Union’s sanctions lists, hoping to use their experience in their own cases. At least two Russian businessmen plan to analyze Fridman’s case in detail as a possible precedent, Bloomberg reports, writes UNN.
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According to the agency, most of the Russian tycoons surveyed do not yet see a quick way to get rid of the restrictions and consider the cases of Fridman and Usmanov to be the result of exceptional circumstances.
Fridman, in particular, filed an arbitration claim against Luxembourg for approximately $16 billion over the freezing of his assets. Lawyers suggest that investment arbitration may now be used more actively to pressure European governments.
Disputes have arisen in the EU over the lifting of sanctions
France insisted on removing Usmanov from the sanctions list, while Luxembourg sought a similar decision regarding Fridman. Disputes surrounding the issue almost blocked the extension of approximately 3,000 individual and corporate EU restrictions.
As a result, the sanctions against Usmanov and Fridman were lifted, while those against the remaining individuals and entities on the list were extended for another 36 months.
At the same time, some Russian billionaires fear that the decision regarding Fridman and Usmanov could provoke the opposite reaction in Europe and lead to increased pressure on Russian businesses that continue to operate in the EU.