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. Last Updated: 07/27/2016

EBRD Files Suit Against Abramovich

The European Bank for Reconstruction and Development filed a lawsuit in a Swiss court Wednesday seeking to retrieve a $17.5 million debt from billionaire Roman Abramovich.

A source in the bank said the suit was filed Wednesday morning in a court in Fribourg.

The EBRD is suing Abramovich on the basis of a decision handed down by the Moscow Arbitration Court in December 2002, the person said, speaking on condition of anonymity. The court ruled that the billionaire's now-defunct Runicom trading firm should repay the money to the bank.

Representatives for Abramovich have insisted that he owes no money to the EBRD.

The filing came one day before the BBC was scheduled to air an investigative documentary about Abramovich's business activities.

In addition to Abramovich, the EBRD's suit targets Sibneft general director Yevgeny Shvidler, a former Runicom director, and the oil company itself.