The case

After Christmas 2024 the USA imposed sanctions against the former Georgian prime minister and oligarch Bidzina Ivanishvili.

The commentary

Ivanishvili filed several lawsuits against Credit Suisse – which was taken over by UBS in 2023 – for financial losses caused by the fraudulent actions of a former CS banker.

In October 2024 a court in Singapore set the payment to Ivanishvili at USD 461 million, and according to UBS, this sum was transferred before the sanctions entered into force. Proceedings are still continuing in Bermuda, where Credit Suisse was ordered to pay over USD 600 million in spring 2022.

Payments to sanctioned individuals are usually frozen, thus creating  a significant obstacle for Ivanishvili when trying to access awarded funds. This could stall enforcement of rulings in jurisdictions like Bermuda or other places. Sanctions may also deter other entities from cooperating with Ivanishvili, further hindering his efforts to recover damages.

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