Sanctioned Russian Billionaire Denied Funds for London Mansion and Art Collection Maintenance, UK

London’s High Court has ruled that sanctioned Russian billionaire Mikhail Fridman cannot spend thousands of pounds each month to maintain his London mansion and art collection. The court’s decision came after Fridman took Britain’s sanctions office, OFSI, to court for refusing to allow him to allocate £30,000 per month for the upkeep of Athlone House, his £65 million property which houses a £44 million art collection. Fridman’s legal team argued that Athlone House has unique maintenance and security needs, particularly considering the valuable art collection it houses. However, Judge Pushpinder Saini ruled against Fridman, stating that OFSI’s decision to deny the funds was lawful. OFSI stated that it had already granted Fridman licenses to cover outstanding payments and future sums of around £1.4 million and £760,000 per year, respectively. The ruling by London’s High Court means that Fridman will not be able to return to Britain, as he is effectively under a travel ban.