LONDON (Reuters)

Sanctioned Russian billionaire Andrey Guryev on Thursday defeated a lawsuit brought by a former friend seeking a significant stake in one of the world’s biggest fertilizer producers.

Guryev, who stood down as CEO of Phosagro in 2022 after being sanctioned by the United States and Britain as an associate of President Vladimir Putin following Russia’s invasion of Ukraine, was sued by Alexander Gorbachev at London’s High Court.

Gorbachev claimed he was entitled to a 24.75% interest in Guryev’s shares in Phosagro, which would currently be worth around $1 billion.

He relied on alleged oral agreements between the pair, including a conversation outside a London pub in the mid-2000s, which Guryev allegedly reneged on.

Guryev, however, characterized the lawsuit as a “shakedown” and stated Gorbachev cashed out any interest he had in the business nearly two decades ago.

Judge Mark Pelling dismissed Gorbachev’s case, stating in a written ruling that “there are simply too many unexplained and unexplainable inconsistencies and inherent implausibilities about what the claimant has alleged over time.”

Gorbachev commented: “This is an extremely disappointing decision. Clearly, I will review it and consider my options.”

Guryev’s spokesperson stated that the ruling “finally brings to an end a 12-year-long campaign by Gorbachev”.

Imposing sanctions on Guryev in 2022, Britain referred to him as a “close associate” of Putin. The U.S. included him in a round of sanctions the same year that targeted “Kremlin-connected elites”.

The BBC previously reported that a spokesperson for Guryev said there was no “proper or legitimate basis” for the sanctions.

The lawsuit brought by Gorbachev largely focused on competing recollections of conversations about Phosagro held nearly two decades earlier, at London pubs, hotels, restaurants, and a sauna.

Gorbachev claimed that Guryev promised to hold an interest in Phosagro on his behalf after Gorbachev was forced to flee Russia in 2003 and claim asylum in Britain.

However, Guryev – who, with his family, is worth $9.3 billion according to Forbes magazine – argued that the lawsuit was simply Gorbachev’s latest attempt to claim an interest in Phosagro. (This story has been refiled to remove the image)