The co-founder of the Alfa Group, Mikhail Fridman, through representatives, proposed that the Luxembourg authorities begin negotiations to pay him $15.8 billion in compensation for assets frozen in the country. The businessman considers the freezing an illegal expropriation, writes Vedomosti citing sources.
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According to the publication’s interlocutors, the estimate is approximate, since due to sanctions the businessman cannot attract EU appraisal experts and his Luxembourg companies are prohibited from sharing financial information with him.
Mikhail Fridman owns a direct or beneficial interest in CTF Holdings, ABH Holdings, Alfa Asset Management (Europe), Alfa Capital Investments Holdings, LetterOne Holdings, LetterOne Investment Holdings; Through them he invested in Alfa Bank and Amsterdam Trade Bank, the retailer X5 Group, etc.
The businessman considers that the freezing of assets within the framework of European Union sanctions is an illegal expropriation. He believes Luxembourg violated the 1989 bilateral investment treaty on mutual protection of investments.
According to the document, investments by investors of one party in the territory of another cannot be expropriated, except in cases where the decision is made based on the public interest and is not discriminatory. However, it must be accompanied by the payment of compensation.
Mikhail Fridman and Pyotr Aven were targeted by EU sanctions in February 2022, immediately after the start of Russia’s special operation in Ukraine. In the fall, Friedman left the United Kingdom and moved to Israel.
In April 2024, the EU Court of Justice ruled to lift personal sanctions against billionaires. The court considered that the reasons given by the European Council for including businessmen on the sanctions list were not sufficiently substantiated.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
