A Georgian bank has frozen the assets of Alisher Usmanov, a Russian billionaire under scrutiny by law enforcement.

Russian billionaire, Metalloinvest owner Alisher Usmanov contributed two stakes in Georgian banks - National Bank and Liberty Bank.

Metalloinvest had previously contributed several million euros to Liberty Bank, but they restricted access due to U.S. sanctions.

Metalloinvest's existing shares note that Liberty Bank, a Georgian commercial bank, has more restrictions than the US sanction required, and this is due to the provisions of Georgian law.

Metalloinvest is a Swedish company that is on the U.S. sanctioned list because it is a subsidiary of USM Holdings, owned by Russian billionaire Alisher Usmanov.

Usmanov is a Russian citizen, US Forbes estimates his fortune at $14.5 billion, which places him at the top among Russian billionaires.

After the war in Ukraine began, sanctions against Usmanov were imposed by the European Union, the United States, the United Kingdom, Canada and Japan.

The restrictions imposed by related countries will remain in place until March 2022, but the asset blocking sanctions have been removed from the sanctions list.

Russian President Vladimir Putin presents Alisher Usmanov with the Order of the October Revolution. TASS

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After sanctions were imposed against Usmanov, the Georgian government revised its policy with an attitude towards him. "Libertas Bank claimed to have received a letter from the National Bank with instructions received from the state-owned bank, but these documents were not provided," reports Samir Samadbegishvili of BMG Agency.

Lawyer Mido Deleigan is providing services to MKD Law, which represents Usmanov's interests in Georgia.

He announced that the documents on Usmanov's shares have only recently been received, and the lawyers are familiarizing themselves with them and preparing explanations.

"We maintain our positions in court. That will be our real opportunity," Turnava stated. According to him, Usmanov personally points out that the very fact of having this shareholding shows that Georgia does not follow the decisions of international sanctions.