In a high-profile court appearance this week, Ukrainian-born Russian billionaire and art patron Mikhail Fridman addressed the impact of international sanctions imposed on him following the invasion of Ukraine. Fridman’s legal team vehemently denied the European Union’s allegations of his involvement in “serious crimes” and financial support for Russia’s military efforts in Ukraine.
Representatives for Fridman argued in the European court that the billionaire’s life had been “destroyed” by the financial policies targeting his wealth. Thierry Marembert, Fridman’s attorney, challenged the credibility of the EU’s evidence, describing it as “not trustworthy” and “based on nothing.”
Mikhail Fridman made his fortune as the co-founder of Alfa Bank, the largest private investment group in post-Soviet Russia. He was also a stakeholder in TNK-BP, an oil company that was sold for $14 billion to state-backed Rosneft in 2013.
The embattled oligarch had been under investigation for money laundering and sanctions evasion. The investigation was scaled back in April after a raid was conducted at Fridman’s London residence by the European Union’s National Crime Agency’s Combatting Kleptocracy Cell, a task force established to target Russian elites with ties to the Kremlin. Fridman has consistently denied allegations of sanction evasion and financial fraud.
Fridman is part of a group of Russian elites, including arts patrons, who have faced increased scrutiny in the wake of the Ukraine invasion. His company, LetterOne, sponsored museum exhibitions, such as the Tate Modern’s 2019 retrospective on Natalia Goncharova. Fridman has also been involved in the art market as a client of the renowned Gagosian gallery, having purchased a $38 million Warhol artwork in 2013.
Since being sanctioned by the European Union in February 2022, Fridman, along with his business partners German Khan, Alexey Kuzmichev, and Andrei Kosogov, stepped down from their positions as board members of the London-based private equity firm, LetterOne. The sanctions resulted in Fridman ceasing to receive dividends from the company’s investments. In addition, he has relied on a stipend issued by the UK government since March 2022.
Fridman and his business partner Petr Aven, along with other prominent Russian billionaires like Roman Abramovich, are currently embroiled in legal battles within the EU as sanctions continue to target their assets and restrict their international travel.
The court hearing provided a platform for Fridman and his legal team to challenge the EU’s allegations and present their case in an attempt to restore his reputation and financial stability amid the ongoing sanctions.