This was first reported by online news platform Reporter.lu, citing international media sources.
Fridman, who holds shares in several Luxembourg-based companies, saw his assets frozen by Luxembourg authorities as part of the EU sanctions imposed in response to Russia’s war on Ukraine. The businessman is now challenging the asset freeze, invoking a bilateral investment agreement between Luxembourg, Belgium, and Russia, designed to protect investors on both sides.
The dispute will not be resolved in a traditional court of law but rather through international arbitration. This means that, regardless of the outcome, Luxembourg will likely face legal costs amounting to millions of euros in addition to the potential damages.
