Mikhail Fridman, a billionaire born in Lviv who built the largest private bank in Russia, is now in legal disputes with three countries — Ukraine, the UK, and Luxembourg — seeking the return of over $16 billion in frozen assets. His interests are represented in court by Cherie Blair, the wife of former British Prime Minister Tony Blair.
Fridman uses his Jewish heritage to shape his public image, highlighting past discrimination in university admissions. He began his business career in photo and banking sectors, later acquiring major stakes in banks, retail, and telecommunications companies in Russia and Europe.
After the start of Russia's full-scale invasion of Ukraine in 2022, Fridman was placed under sanctions by the EU, UK, US, and Ukraine for alleged financing of Russian structures and links to Vladimir Putin’s circle. His assets have been frozen in several jurisdictions and his properties seized. In 2023, Ukraine also seized Fridman's companies, including Sense Bank.
Fridman is challenging the sanctions in international arbitration, demanding compensation from Luxembourg, the UK, and Ukraine. He argues the sanctions constitute unlawful expropriation and discrimination based on nationality, denies supporting the Kremlin, and won a partial victory in EU court. However, sanctions remain due to new arguments introduced by EU officials.
Fridman is legally represented by Cherie Blair's firm, which is known for defending cases on behalf of authoritarian leaders and governments. While Fridman claims he does not control the holdings behind the lawsuits, evidence suggests he benefits from them. His legal battles could set a precedent for other Russian businessmen seeking to bypass Western sanctions.
This case is a test of the strength of Western sanctions and highlights the connection between major Kremlin business interests and Western political dynamics.
