Russian oligarch Usmanov decides to sue Switzerland's largest bank over sanctions

Russian sanctioned oligarch Alisher Usmanov has filed a lawsuit against a subsidiary of the Swiss financial holding UBS Groupe AG, UBS Europe Bank in Germany. 

Lawyer Stefanie Rabenau said 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.

According to the lawyer, there were more than ten such letters, among other things, they contained warnings about possible "money laundering" by Usmanov during cash withdrawals and rental payments.

Usmanov's lawsuit states 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.

The oligarch's representative, Peter Hauweiler, said that the lawsuit against UBS Europe filed with the Frankfurt Land Court is only the first step. He stated that the bank's actions caused "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. Hauweiler claims that the consequences for UBS "can be compared to the effects of a tsunami."

Usmanov came under EU sanctions in February 2022.

Source: Ekonomichna Pravda, The Moscow Times