€2 Billion Legal Action ‘Uncertain’ as Legal Firms Move to Cease Representing Russian Clients

A High Court case, featuring allegations of corporate raiding by a business magnate with reported close ties to Russian President Vladimir Putin, is currently in a state of “uncertainty” following indications from two Irish legal firms that they intend to withdraw representation from Russian defendants.

The protracted legal battle involves claims that billionaire Dmitri Mazepin orchestrated a scheme to fraudulently deprive four companies of their £1.7 billion (€2 billion equivalent) stake in Togliattiazot (ToAZ), a Russian ammonia manufacturer in which he holds a minority shareholding.

The proceedings are taking place in Ireland because one of the defendants, Eurotoaz Ltd, is registered in Dublin.

Mr Mazepin was placed on an EU sanctions list last week in response to the ongoing situation in Ukraine.

The sanctions list identified the businessman as “a member of the inner circle” of the Russian president. His son, Formula One driver Nikita Mazepin, has been dismissed by the Haas racing team.