Mikhail Fridman Requests $16 Billion Arbitration with Luxembourg at HKIAC

Russian billionaire Mikhail Fridman has applied for a $16 billion arbitration dispute with Luxembourg to be handled by the Hong Kong International Arbitration Centre. The dispute centers around assets frozen due to Western sanctions following Russia's 2022 invasion of Ukraine. Fridman invoked a 1989 treaty for investor protection.

Russian billionaire Mikhail Fridman has formally requested that a $16 billion arbitration dispute with Luxembourg be addressed at the Hong Kong International Arbitration Centre (HKIAC), according to documents reviewed by Reuters.

Fridman is pursuing compensation from Luxembourg for assets frozen under Western sanctions imposed in response to Russia's February 2022 invasion of Ukraine. The request, filed on August 13, refers to a 1989 treaty involving Belgium, Luxembourg, and the Soviet Union that guards against asset expropriation or nationalization.

The Luxembourg government, which acknowledged an earlier demand from Fridman, has yet to comment. HKIAC did not respond immediately to an email inquiry sent outside regular office hours. In an April article for The Spectator, Fridman claimed that his assets and businesses in Britain and the EU had effectively been nationalized without proper compensation or proof of wrongdoing.

(With inputs from agencies.)