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Oligarch connected to Putin decides to sue Switzerland's largest bank over sanctions

Monday, 17 June 2024, 20:49
Oligarch connected to Putin decides to sue Switzerland's largest bank over sanctions
Vladimir Putin with Alisher Usmanov. Stock photo: Getty Images

Russian oligarch Alisher Usmanov has sued a subsidiary of the Swiss financial holding UBS Group AG, UBS Europe in Germany. 

Source: The Moscow Times

Details: Lawyer Stefanie Rabenau told Kommersant, Russian daily socio-political newspaper, that the reason was the reports of the billionaire's "suspicious transactions" sent by the bank to the Financial Monitoring Department of the German General Customs Directorate in 2018-2022.

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The lawyer said that there were more than 10 such reports, which, among other things, contained warnings about Usmanov's possible money laundering during cash withdrawals and rental payments.

Usmanov claims that the bank's actions led to financial losses and caused "colossal damage" to his reputation.

"In essence, UBS acted as an instigator and accomplice in the illegal criminal prosecution of an innocent person, and provoked the inclusion of its client in the sanctions list," the lawsuit says.

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The oligarch's representative, Peter Gauweiler, said that the lawsuit against UBS Europe filed with the Frankfurt Land Court is only the first step. He said that the bank's actions had led to "a series of wrong decisions" made by the Frankfurt Prosecutor General's Office and the EU Council, and the total damage has yet to be assessed. Gauweiler claims that the consequences for UBS "could be comparable to a tsunami".

Usmanov became subject to EU sanctions in February 2022.

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