Spain’s highest court has rejected a long-running lawsuit brought by former oligarch Sergey Pugachev which demanded Russia pay more than $14 billion in damages, rejecting an appeal against a previous legal ruling.
On Monday, Russian media reported that the court in Madrid had dismissed the claims from the founder of the International Industrial Bank (Mezhprombank) after his request was denied by an international arbitration in June 2020.
Pugachev initiated proceedings against Russia in 2015 after receiving French citizenship six years earlier. The former senator claimed that his rights as an investor were violated by Russian authorities under the terms of an agreement between France and the Soviet Union on the protection of capital investments.
The Hague tribunal rejected his claims to countersue for $14.5 billion, and ordered him to fork out $5.8 million to cover the costs of the case.
Pugachev told business daily RBK that a request for a reconsideration had already been launched against the verdict. “This is last year’s decision, we’ve already appealed it, we’re waiting for the decision. If it is rejected, there will be the next appeal, the next instance. In short, the routine. The appeal instance did not consider our complaint, they just wrote that they trusted the arbitrators, which, in general, is nonsense, but not unexpected,” he said.