Russian Oligarchs Eye Usmanov and Fridman Precedents to Reclaim Frozen Assets

Russian billionaires have begun studying the pathways used by Alisher Usmanov and Mikhail Fridman to escape European Union sanctions, Bloomberg reports on September 25.

The lifting of EU restrictions on the two businessmen offered a glimmer of hope to other Russian oligarchs whose assets have been frozen in the West for years, forcing them to limit their travel primarily to Asia and the Middle East.

However, many of the country's wealthiest individuals see few prospects for a swift end to their isolated status, believing the decisions regarding Usmanov and Fridman stemmed from unique circumstances.

At least two figures interviewed indicated plans to closely examine Fridman’s legal approach as a potential precedent for their own claims.

Emulating Usmanov’s path would require building close relationships with political leaders across Central Asia, the Caucasus, and beyond, noting that leaders from Turkey, Slovakia, and the former Hungarian government actively lobbied on his behalf.

Fridman’s case could serve as a broader practical guide, according to Sergei Glandin, as reported by Bloomberg, a sanction law specialist and partner at the Moscow law firm BGP Litigation.

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Glandin noted that investment arbitration offers an effective tool to pressure Western authorities into opening negotiations or lifting restrictions, adding that "the larger the amount of the claim, the faster the process can move."

According to Bloomberg, Fridman previously filed a $16 billion lawsuit against Luxembourg, arguing that freezing his assets breached an investment protection treaty and demanding compensation for damages.

Following France’s intervention for Usmanov, Luxembourg stated its legal position in court had weakened and requested Fridman’s exclusion as well.

Some Russian billionaires reacted to Usmanov and Fridman’s success with dark humor, remarking that they could not find enough European prisoners in sympathetic countries.

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Others expressed concern that conditions could worsen for Russian companies still operating in Europe, fearing retaliatory measures from the EU over the damage caused to the bloc's sanction policies by the decisions regarding the two businessmen, Bloomberg reports.

Previously, European Union envoys agreed to exclude billionaires Alisher Usmanov and Mikhail Fridman from the sanctions list while extending restrictions for the remaining 3,000 individuals and entities for three years.

The decision came after Latvia lifted its veto and abstained during a tense negotiation process, avoiding a situation where member states would fail to extend the broader sanctions regime. France and Luxembourg pushed for the removal of the two tycoons, facing resistance until the final stages of the talks, while Ukrainian Foreign Minister Andrii Sybiha sharply criticized the move as unjustified.

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