Russian billionaires seek loopholes to get EU sanctions lifted, Bloomberg reports
Illustrative photo: Russian oligarchs seek to take the EU to court (RBC-Ukraine collage)
Russian billionaires are looking for ways to get European sanctions lifted, inspired by the examples of Alisher Usmanov and Mikhail Fridman, Bloomberg reports.
According to the outlet, billionaires Alisher Usmanov and Mikhail Fridman have become two of the most prominent Russians to be removed from the EU's sanctions lists.
At least two Russian businessmen said they plan to closely study Fridman's experience for their own legal challenges. The sanctions were lifted after concessions from some EU member states.
In particular, Luxembourg pushed for the sanctions against Fridman to be lifted because of the tycoon's $16 billion arbitration claim over a violation of an investment protection treaty.
France also lobbied on behalf of Usmanov as part of agreements with Azerbaijan concerning the release of a jailed citizen.
"Investment arbitration can be an effective way to pressure governments into talks or even delisting from sanctions and the larger the claim, the faster that process may be," said Sergey Glandin, a partner at Moscow law firm BGP Litigation.
Some sanctioned oligarchs fear that the decisions involving Usmanov and Fridman will trigger a backlash from EU governments and only make it more difficult for Russian businesses to operate in Europe.
Meanwhile, Vladyslav Vlasiuk, Ukraine's presidential commissioner for sanctions policy, told Politico that the European Union should impose restrictions on other major Russian businessmen: Vladimir Potanin, the main investor in Norilsk Nickel, and steel tycoon Vladimir Lisin, who controls Novolipetsk Steel PJSC, following the decision to lift restrictions on Usmanov and Fridman.
Most of Russia's wealthiest businessmen moved their assets back to Russia after the full-scale invasion began in 2022.
Potanin and Lisin are already under personal sanctions imposed by other countries.
Potanin is on the US and UK sanctions lists, while Lisin is under restrictions imposed by Australia and Canada.
Earlier, the European Union officially extended personal sanctions over threats to Ukraine's sovereignty but removed Russian oligarchs Alisher Usmanov and Mikhail Fridman from its sanctions list.
The decision was made under pressure from some EU member states.
