Tycoon says has plan to freeze Russian assets

September 22, 2015 2:59 PM

"We have worked out a detailed plan to preventatively arrest the property of Russia," Pugachev told Reuters in an interview in Paris.

Tycoon Pugachev says has plan to freeze Russian assets

Sergei Pugachev, a tycoon once dubbed "Putin's banker", said on Tuesday that 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.

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"We have worked out a detailed plan to preventatively arrest the property of Russia," Pugachev told Reuters in an interview in Paris.

Pugachev's lawyers said on Tuesday they had filed a claim against Russia for $12 billion, demanding compensation for the carving up of his business empire after he fell out of favour with President Vladimir Putin's allies.

"If we understand that Russia is not ready to soberly discuss the expropriation that took place, then the first thing you will see is the arrest of Russian property abroad," Pugachev said. "This can happen before a ruling: We are ready to do it tomorrow."