Two of those surveyed said they intend to scrutinize Fridman's case closely and hope it sets a precedent for their own litigation. The respondents spoke anonymously.
Fridman has filed a $16 billion lawsuit against Luxembourg, arguing that the freeze on his assets violated an investment protection treaty and seeking damages.
The EU lifted sanctions on Usmanov after France advocated on his behalf. According to The Moscow Times, Paris pushed to remove the businessman from the blacklist in order to secure the release of its citizens detained in Azerbaijan. Leaders of several countries, including Turkey and Slovakia, also interceded for Usmanov.
Luxembourg subsequently said France's position would weaken its case against Fridman and demanded that Fridman also be removed from the list. That supports the theory that the two cases are linked, The Moscow Times notes.
Sergei Glandin, a partner at the Moscow law firm BGP Litigation, believes investment arbitration could become a means of pressuring Western governments to start negotiations or lift restrictions. The larger the claim, the faster the process may proceed, the lawyer said.
Gregoire Roos, director of the Europe, Russia and Eurasia program at Chatham House, points to a second path: sanctions can be challenged not only in court but also through political ties with individual EU governments.
Some of the billionaires surveyed do not expect a quick exit from their pariah status. To replicate Usmanov's experience, one would need to build close relations with the ruling elites of several countries in Central Asia and the Caucasus among the former Soviet republics, as well as beyond the near abroad, The Moscow Times writes.
Some Bloomberg interviewees responded to the fortunes of Usmanov and Fridman with dark humor, remarking that they would not be able to find as many European prisoners in sympathetic countries. Others fear the EU may tighten measures against Russian companies still operating in Europe, in response to the damage the ruling on the two businessmen has done to the bloc's sanctions policy.