On October 25, 2024, the Appellate Chamber of the Higher Anti-Corruption Court of Ukraine (VACS) finally completed the consideration of the appeals of the companies “Metalloinvest Trading AG” and “Nexine” against the decision to confiscate the assets of Russian oligarch Alisher Usmanov in favor of Ukraine. About this reported VAKS in its statement.
The court of first instance satisfied the administrative claim of the Ministry of Justice of Ukraine, deciding on the application of sanctions in accordance with the Law of Ukraine “On Sanctions” against Usmanov and his partners. However, the companies representing the interests of the oligarch challenged this decision by filing appeals.
The panel of judges of the Appeals Chamber of the Ukrainian Chamber of Commerce and Industry left the decision of the court of first instance unchanged, rejecting the appeals, thus confirming the confiscation of the assets of Usmanov and his partners, in particular, iron ore products and a package of shares of the IT company, which now belong to Ukraine. This verdict is final and not subject to further appeal.
The decision to confiscate the assets of Usmanov and his partners was adopted on September 25 by the VAKS in favor of the Ministry of Justice of Ukraine, which earlier, on July 11, filed a corresponding lawsuit. Usmanov, who is valued at $14.4 billion and ranks 8th among Russian billionaires, owns the pro-Kremlin newspaper Kommersant.
Note that in March 2022, the US Treasury imposed sanctions on Russian businessmen close to Vladimir Putin, including Usmanov, who owns the Dilbar superyacht worth up to $735 million and the M-IABU aircraft.
