Russian billionaire Vladimir Potanin challenges UK divorce laws in high court battle

Russia's wealthiest individual Vladimir Potanin with a net worth of $29.3 billion, has resorted to the UK's highest court to evade what is considered one of the world's most substantial divorce settlements. He is contesting against the English courts' perceived generosity in divorce cases, which lean toward an equal division of assets between spouses. This legal battle originates from a claim filed by Natalia Potanina, his ex-wife, which is estimated to be as high as $9 billion, according to her lawyers.

Potanin's legal counsel, Edward Faulks, highlighted the English courts' reputation for their leniency and indicated that current legislation encourages forum shopping in significant financial cases. This dispute is poised to challenge UK divorce laws that have earned London the moniker of the "divorce capital of the world."

In a previous Russian divorce proceeding, Potanina was deemed to have received a "meager award," considering the couple's 31-year-long marriage and Potanin's substantial wealth. The case has witnessed a series of rulings, with Potanina initially accused of "divorce tourism" in a lower court decision, which she subsequently overturned on appeal.


Potanina's claim seeks a 50% share of Potanin's stake in MMC Norilsk Nickel PJSC, along with dividends, a sum that could surpass $5 billion, as Potanin owns approximately one-third of the company's shares. The dispute has already incurred extensive costs and delays, with Potanin's expenses reaching £8.4 million ($10.2 million) by January 2022, while Potanina's legal expenses amounted to £1.4 million.

Potanin has ventured into finance and acquired stakes in banks, diversifying his investments following foreign ownership restrictions on Russian assets due to the Ukraine crisis. In response, the UK imposed sanctions on Potanin after he purchased a stake in Rosbank PJSC, while the US blacklisted him at the end of the previous year. Despite these sanctions, Potanin had managed to avoid previous Western sanctions that targeted other Russian elites.

Inputs from Bloomberg