Switzerland Drops Usmanov and Fridman From Sanctions List

The government’s decision, which took effect on November 4, follows a broader update to Switzerland's Ukraine ordinance involving 254 entities. Despite the delisting, Usmanov remains deeply entrenched in complex litigation. A recent ruling by the German Federal Court of Justice declared that a local court president acted unlawfully by blocking Usmanov’s lawsuit against the Council of the EU. The billionaire is challenging the EU's characterization of him as a front man for Vladimir Putin, a claim originally derived from a Forbes article that a Hamburg court later prohibited.

Legal friction persists on multiple fronts beyond the initial sanctions challenge. In Zurich, public prosecutors are navigating a request for mutual legal assistance from Munich regarding German criminal tax proceedings, having previously dismissed broad bank inquiries as a "fishing expedition." Simultaneously, Usmanov has initiated a separate lawsuit in Frankfurt against the German subsidiary of UBS, alleging that the bank improperly filed suspicious activity reports concerning money laundering. Joachim Steinhoefel, Usmanov’s legal counsel, characterized the recent Federal Court of Justice ruling as a landmark, emphasizing that access to the courts remains a fundamental right regardless of prevailing foreign policy.