Friedman asserted that by freezing his assets, Luxembourg violated the 1989 bilateral investment treaty concluded between Belgium and Luxembourg on the one hand and the USSR on the other.
Russian billionaire, Alfa Group co-owner Mikhail Fridman filed a claim against Luxembourg at the Hong Kong International Arbitration Center in connection with the international freezing of assets he owns through companies with held by Luxembourg. Russian media wrote about it on Wednesday, August 14.
Friedman considers the freezing of his Luxembourg assets as part of the implementation of EU sanctions illegal and demands compensation in the amount of 16 billion US dollars, this is the estimated value of his assets in the country.
Friedman’s defense of the case links the EU sanctions against the businessman to his Russian citizenship and business success, which they say is a “gross injustice” and “violates international law.”
Furthermore, Friedman asserted that by freezing his assets, Luxembourg violated the 1989 bilateral investment treaty concluded between Belgium and Luxembourg on the one hand and the USSR on the other.
Russian lawyers note that the claim against Luxembourg will not be withdrawn even if the sanctions are lifted, as their client’s assets have been “severely damaged.”
Let’s recall that earlier the European Union Court upheld the claim of Russian oligarchs Mikhail Fridman and Petr Aven to exclude them from the EU sanctions list.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.