Cherie Blair, the wife of former British Prime Minister Tony Blair, is taking on a big legal challenge. She’s representing Mikhail Fridman, a wealthy Russian businessman, in a lawsuit against Luxembourg. This case is all about Fridman’s assets that were frozen because of European Union (EU) sanctions. Last month we informed you about another such case where UniCredit and Raiffeisenbank have taken the Central Bankers to court over Russia sanctions.
Mikhail Fridman, who founded Alfa Group, one of Russia’s biggest private investment companies, is fighting back after Luxembourg froze his assets. He’s suing Luxembourg for nearly $16 billion, claiming that the sanctions against him were unfair and have caused him serious financial harm.
Fridman argues that these sanctions were only put in place because of his Russian citizenship and his success in business. He believes that Luxembourg’s actions violated international law, particularly a treaty from 1989 between the Soviet Union and Belgium that was designed to protect investors from having their assets seized.
Fridman’s troubles began in 2022 when the UK, the EU, and Canada sanctioned him, and the US joined in 2023. These sanctions were part of broader measures against Russian elites, but Fridman fought back. He managed to get his name removed from the EU sanctions list in April 2023 after a successful lawsuit.
Despite his wealth, life under sanctions has been difficult for Fridman. He was living in London but found it impossible to maintain his lifestyle there because the British authorities wouldn’t even let him pay for the upkeep of his mansion or pay his staff. Fridman, who also holds Israeli citizenship, moved to Israel in October 2023. However, he quickly left Israel when the militant group Hamas launched a surprise attack on the country on October 7. He then returned to Moscow but says he plans to go back to Israel once things settle down.
Fridman’s legal battle, with Cherie Blair leading the charge, is now heating up. This high-stakes case could set a major precedent, especially with billions of euros on the line. It’s a showdown that has caught the attention of many, as one of the UK’s most famous legal minds takes on Luxembourg in defense of a Russian billionaire.
