Russia has threatened Europe not only through drone incursions and interference, but also in court. By exploiting old commercial treaties dating back to the end of the Cold War, Russian companies and oligarchs have multiplied arbitration proceedings to challenge the European Union's sanctions policy, posing an increasingly serious financial risk to member states.
This warning was issued by a coalition of European NGOs – including the Veblen Institute for Economic Reforms, Friends of the Earth Europe and PowerShift – in a report published on Tuesday, December 9 titled "Frozen Assets, Hot Complaints: How sanctioned oligarchs & other investors sue over sanctions." These organizations estimate that at least $48 billion (€41 billion) has been claimed from the EU and its allies (the United Kingdom, Ukraine, Canada) in compensation for these sanctions – a minimum figure, as most of the 24 proceedings identified in the report have not disclosed the amounts being sought.
After the freezing of their villas, yachts and works of art following the invasion of Ukraine, several oligarchs responded in court with varying degrees of success. In 2024, Piotr Aven and Mikhail Fridman won a case before the EU's court, which found their contribution to the war too indirect to justify the sanctions imposed on them.
