Michail Fridman, co-founder of Russia's Alfa Group, is reportedly planning to sue the Luxembourg government for damages of $15.8 billion (€14.6 billion), according to the Moscow newspaper "Wedomosti."

German publication Spiegel reports that Fridman initially offered Luxembourg an "amicable agreement" to settle the claim for this amount.  If not accepted, he would pursue legal action.

Fridman's lawsuit centres on a 1989 investment protection agreement between Luxembourg, Belgium, and the former Soviet Union. His lawyers reportedly submitted the damage claim in February 2024, but have not yet received a response.

The lawsuit stems from EU sanctions imposed on Fridman and his business partner Pjotr Awen, which led Luxembourg to freeze Fridman's assets. However, in April, a Luxembourg court overturned the sanctions against Fridman, citing insufficient evidence. This verdict remains subject to appeal.