Russian billionaire Alisher Usmanov has filed a lawsuit against a German unit of UBS Group AG over anti-money laundering reports that triggered a criminal investigation of him.

Russian Billionaire Sues UBS Over Money Laundering Alerts

According to Bloomberg, the claim centers on reports by UBS from 2018 to 2022, which allegedly misidentified certain financial transactions as suspicious. A court spokeswoman in Frankfurt confirmed the filing but noted that the case has not progressed since Alisher Usmanov has yet to pay the necessary legal fees.

Usmanov's lawyers noted that they received the court's invoice on Monday and promptly arranged the payment. According to Usmanov's lawyers, UBS' actions had led to financial losses and massive damage to their client's reputation.

READ NEXT: Vladimir Putin Issues Rare Apology for the Price of Eggs as Russia's Inflation Soars  

Sanctioned Russian Billionaire

Following Russia's invasion of Ukraine, Alisher Usmanov faced sanctions from the US, the European Union, and the UK. He joined other sanctioned billionaires in seeking legal remedies to remove their names from sanction lists and unfreeze their assets, albeit with limited success.

In 2022, to investigate alleged sanctions violations, German authorities conducted nationwide raids on properties connected to Usmanov. That included searches at UBS's offices in Frankfurt and Munich. A Frankfurt court later deemed the warrants for these searches illegal. 

READ MORE: Russia Could Turn Against Vladimir Putin as Economic Strength Wanes and Western Sanctions Heighten, Economists Warn