Nicosia Court freezes €685m in assets of Ukrainian oligarch


By Stelios Orphanides

The Nicosia District Court on Monday extended a temporary order freezing up to $820m (€685m) in assets in the possession of Ukrainian oligarch Rinat Akhmetov and nine other individuals and entities, the Cyprus News Agency (CNA) reported on Tuesday.

The court gave a February 6 deadline to the defendants to submit their position before the court reconvenes on three weeks later to decide whether the asset-freeze order will remain in place, the CNA reported without citing its source.

The asset freeze is in relation to a dispute with Ukrtelecom, Ukraine’s largest fixed line telephone service provider, reported on Monday.

Akhmetov, valued by Forbes at $4.6bn, objected to the order, according to CNA. The London-based Court of International Arbitration ruled in September in favour of Raga Establishment, owned by former Ukrainian banker Denis Gorbunenko.

According to FT, he paid $100m to acquire Ukrtelecom in 2013 from plaintiff Raga Establishment as part of a $860m deal and failed to make any other payments since then.

The affected assets may affect an apartment in London, considered to be the most expensive private residence in the UK at the time it was purchased, according to


About Author

Stelios Orphanides is a journalist at To contact Stelios Orphanides: [email protected]

  • European Citizen

    So first the government freezes and steals people’s assets in 2013. Then, to not be liable in any way, they are just so happy to look for reasons to not pay back the money. Whole country is one big scam!

    • The high interest rates on deposits should have been ringing alarm bells for investors. The rest of the world was offering 0.5-1% meanwhile here it was 5+%