Russia’s richest man Vladimir Potanin lost a legal fight with his ex-wife, clearing the way for her to pursue a claim for a multibillion-dollar share of his mining assets in one of the world’s largest divorces.
Natalia Potanina won permission to bring a suit in London worth at one point as much as $US9 billion ($13.8 billion). Judges at the Court of Appeal said in a ruling on Thursday that she had a “real and meaningful connection” with the UK, and that she could now pursue a full-blown claim in an English court.
The pair were married for 31 years. The case has swung back and forth since Potanina first filed her suit almost seven years ago, with a lower court saying that Potanina had attempted “divorce tourism” to take advantage of the “more generous approach” of the English courts.Credit: Alamy
The case has swung back and forth since Potanina first filed her suit almost seven years ago, with a lower court saying that Potanina had attempted “divorce tourism” to take advantage of the “more generous approach” of the English courts. The couple lived in Russia throughout their marriage before Potanina bought a home in Westminster in 2014.
Lower court judges previously said that Potanina received a “paltry award” in prior Russian divorce proceedings, given the billionaire’s wealth and the length of their 31-year marriage. Potanin has amassed a fortune of around $US31.7 billion ($48.7 billion) largely from MMC Norilsk Nickel PJSC, the world’s largest producer of palladium and one of the biggest producers of refined nickel, according to the Bloomberg Billionaires Index.
“She very much hopes that her case can now be resolved and can be concluded without further delay,” Frances Hughes, a lawyer representing Potanina, said in a statement after the ruling. Potanin’s lawyers declined to comment.
Potanin was sanctioned by the US and UK after Russia’s invasion of Ukraine and remains so. But most of his wealth is now held inside the country, following the relocation of a number of his companies including the main holding for his assets, Interros, to Russia. That means Potanina faces potentially steep hurdles to claim any significant assets from an international court ruling.
Russian President Vladimir Putin, left, and Vladimir Potanin congratulate each other after a hockey match in Moscow in 2018.Credit: AP
Still, the decision gives fresh life to one of the most high-profile claims in decades and will also give some encouragement to other spouses in overseas divorce cases. London’s divorce courts have been a popular destination for high-value legal fights, with judges typically prepared to order a more equal share of a couple’s assets.
“As family lawyers, we often call London the ‘divorce capital of the world’ – and this ruling shows why,” said Jake Mitchell, a lawyer at Freeths, who wasn’t involved in the case. “The courts won’t let unfair overseas settlements go unchallenged where there’s a genuine link to England. It’s not about opening the floodgates, but about making sure spouses, however wealthy, get a fair outcome.”
