‘Putin’s banker’ Pugachev files $12 billion claim against Russia

A man once dubbed 'Putin’s banker’ is looking for some money, but this time it’s not for the President. Tycoon, Sergei Pugachev filed a $12 billion compensation claim against Russia for what he says was elaborate scheme by the Kremlin to intimidate him and carve out his business empire after he fell out of favor with the president.

The reason Mr Pugachev left was that he was in real fear for his life.

Nick Cherryman, one of Sergei Pugachev’s lawyers

Pugachev’s  lawyers said surveillance devices had been found attached to the underside of his car in Britain. After a London court ordered his worldwide assets to be frozen, Pugachev defied a British judge’s additional order to stay and went to France this summer. Now, Pugachev says his lawyers have drawn up a plan to freeze Russian assets abroad if the Kremlin failed to reach a compromise over his claim for $12 billion. Conversely, Russia is seeking Pugachev’s arrest for embezzlement and misappropriation of assets, charges he denies.

We will look at it. I don’t see any risks either for the budget or for Russia’s financial system, or for legal systems. Pugachev has little chance

Sergei Storcha, Russian Deputy Finance Minister

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