Russian billionaires study the cases of Usmanov and Fridman as a precedent for disputes with the EU

Bloomberg writes that many of those surveyed, however, believe both cases are tied to special circumstances and do not expect the restrictions to be lifted.

Fridman demanded $16 billion from Luxembourg, saying that the freezing of his assets violated the investment protection treaty.

After France called for sanctions on Usmanov to be lifted, Luxembourg said this would weaken its position in the dispute and demanded that Fridman also be excluded.

France insisted on lifting the restrictions against Usmanov in order to secure the release of its citizens arrested in Azerbaijan. Representatives of several countries, including Turkey and Slovakia, also petitioned on behalf of the businessman.

According to lawyer Sergei Glandin, investment arbitration could become a way to pressure Western governments into starting negotiations or lifting sanctions. Some of the billionaires surveyed fear retaliatory tightening of EU measures against Russian companies operating in the European Union.

Sources

• Novaya Gazeta Europe