Russian Oligarch-Backed Firm Loses High Court Challenge

LetterOne, backed by oligarchs Mikhail Fridman and Petr Aven, lost a legal bid in the UK High Court to prevent the enforced sale of broadband provider Upp. The government forced the sale under national security concerns related to Russian influence, dismissing the firm's counterarguments.

In a landmark ruling, the UK High Court dismissed an appeal by Russian oligarch-backed investment firm LetterOne regarding the forced sale of the broadband provider Upp.

LetterOne, associated with sanctioned oligarchs Mikhail Fridman and Petr Aven, was compelled to divest from Upp under Britain's new national security law, amidst concerns of Russian state influence. Despite proposals to mitigate these concerns, the firm's appeal was rejected by Judge Judith Farbey.

The court upheld the government's decision, emphasizing national security interests over fears of diplomatic repercussions, marking a significant application of the National Security and Investment Act.

(With inputs from agencies.)