Freezing Order

1. A Personal Injustice Ignites a Global Crusade

It felt like my flute, only on a much grander scale.

Early lessons in justice. Bill Browder's childhood experience of having his sterling silver flute stolen, and his subsequent insistence on identifying the culprits, instilled in him a deep-seated belief in accountability. This early encounter with injustice, though minor, foreshadowed his later, far more significant battles against corruption. His fascination with law enforcement from a young age, collecting "rap sheets" and joining the Chicago Junior Police Patrol, further cemented this inclination.

Fighting Russian corruption. After moving to Moscow in 1996 to set up the Hermitage Fund, Browder found himself confronting systemic corruption by Russian oligarchs and officials. Unlike his peers who accepted it as a cost of doing business, Browder decided to fight back, exposing theft and malfeasance through lawsuits, proxy fights, and media exposés. This activism, while profitable for his fund, made him a dangerous adversary to powerful figures.

A personal connection to a larger fight. The author's expulsion from Russia in 2005 and the subsequent fraudulent re-registration of his companies by corrupt Interior Ministry officials felt eerily similar to his childhood experience. This time, however, the stakes were infinitely higher, involving billions of dollars and the lives of those around him. This personal resonance fueled his determination to seek justice, transforming a business dispute into a moral imperative.

2. Sergei Magnitsky's Murder: The Catalyst for Accountability

Sergei had been killed because he had tried to do the right thing. He’d been killed because he’d worked for me.

Exposing the fraud. Sergei Magnitsky, Browder's Russian lawyer, uncovered a massive $230 million tax rebate fraud orchestrated by corrupt Russian officials. His courageous testimony against these officials, including Lt. Col. Artem Kuznetsov and Maj. Pavel Karpov, directly led to his arrest in November 2008. Sergei believed in the rule of law and refused to recant his testimony, even under immense pressure.

Torture and death in custody. For 358 days, Sergei was subjected to horrific conditions in Russian detention centers, including sleep deprivation, extreme cold, and denial of medical treatment for pancreatitis and gallstones. His captors' objective was to force him to sign a false confession implicating Browder in the fraud. On November 16, 2009, he was chained to a bed and beaten to death by eight riot guards, dying at just 37 years old.

A vow for justice. Sergei's murder was a devastating blow to Browder, who felt profound guilt for his colleague's sacrifice. This tragedy transformed Browder's mission: he vowed to dedicate all his time and resources to ensuring that everyone involved in Sergei's false arrest, torture, and murder, and anyone who profited from the $230 million fraud, would face justice. This commitment became the driving force of his life.

3. The Magnitsky Act: A New Weapon Against Kleptocracy

The Magnitsky Act, which would ban visas and freeze assets of Russian human rights violators, including those who had tortured and killed Sergei.

Targeting the perpetrators. After Sergei's murder, Browder realized that traditional legal avenues in Russia were useless due to a systemic cover-up. He conceived of a new approach: a legislative proposal to sanction Russian human rights violators by banning their visas and freezing their assets in Western countries. This "Magnitsky Act" aimed to hit corrupt officials where it hurt most—their ability to enjoy their ill-gotten gains abroad.

Gaining political traction. The idea quickly found support in Washington, with Senator Ben Cardin championing the cause, garnering broad bipartisan backing. The goal was to create a powerful deterrent, making it impossible for those involved in Sergei's murder and other human rights abuses to travel or bank in the West. This marked a significant shift from traditional diplomatic pressure to targeted financial and travel sanctions.

Expanding the fight to Europe. Recognizing that many corrupt Russian officials spent their money and time in Europe, Browder sought to establish a European Magnitsky Act. Despite initial skepticism and the complex political landscape of the EU, he found allies like Finnish MEP Heidi Hautala and, crucially, Russian opposition leader Boris Nemtsov. Nemtsov's charismatic advocacy proved instrumental in building momentum for the legislation, transforming it into a global human rights movement.

4. Unmasking the Global Money Laundering Network

Harder to walk across a field of snow with two hundred and thirty million dollars and not leave a footprint.

Following the money trail. John Moscow, a former aggressive New York prosecutor, advised Browder that dollar transactions, even between two Russian banks, leave a permanent record in US clearing banks. This insight led to the use of 1782 subpoenas against JPMorgan and Citibank, aiming to reconstruct the money trail of the stolen $230 million. This was a crucial step in identifying the beneficiaries of the fraud.

Vadim Kleiner's forensic genius. Browder's colleague, Vadim Kleiner, a brilliant forensic financial investigator, became instrumental in piecing together the complex money laundering network. Leveraging Russia's lax data protection laws, he acquired government databases from markets like Gorbushka. This allowed him to trace the lavish spending sprees of corrupt officials like Pavel Karpov and Artem Kuznetsov, whose lifestyles far exceeded their official salaries.

Breakthroughs and roadmaps. The testimony of whistleblower Alexander Perepilichnyy, who revealed $11 million from the fraud in a Credit Suisse account, provided the first "roadmap" for Vadim's investigations. This led to tracing money through Moldova, Latvia, and into Switzerland. Later, access to the Moldovan Banca di Economii wire transfer database, obtained by the OCCRP, further expanded the map, revealing connections to shell companies like Prevezon Holdings and ultimately to New York real estate.

5. Putin's Personal War Against the Magnitsky Act

His crusade against the Magnitsky Act wasn’t just philosophical, it was personal.

The cellist's secret. The Panama Papers leak revealed Sergei Roldugin, a cellist and Vladimir Putin's closest friend, controlled offshore companies worth billions. Vadim Kleiner's investigation linked $800,000 from the $230 million Magnitsky fraud directly to one of Roldugin's companies. This was a pivotal discovery, establishing a direct financial link between the crime and Putin himself.

Protecting hidden wealth. This revelation explained Putin's intense, personal animosity towards the Magnitsky Act. As president, Putin could not openly hold vast assets, relying instead on trusted proxies like Roldugin. The Magnitsky Act, by targeting beneficiaries of the fraud, directly threatened Putin's estimated $200 billion fortune, making it an existential threat to his power and wealth.

Desperate measures. Putin's efforts to undermine the Magnitsky Act escalated dramatically:

• Exonerating those involved in Sergei's murder.
• Banning American adoptions of Russian orphans in retaliation for the Act's passage.
• Dispatching convicted mobster Dmitry Klyuev to lobby against the Act in Monaco.
• Launching elaborate disinformation campaigns and show trials against Browder and Sergei.
  These actions demonstrated the depth of Putin's commitment to protecting his illicit gains.

6. Western Enablers: Complicity in Russian Disinformation

As despicable as Putin and his regime’s behavior is, none of this can happen without the cooperation of Western enablers.

Lawyers switching sides. John Moscow, Browder's former lawyer, and his firm BakerHostetler, controversially switched sides to represent Prevezon, the company accused of laundering Magnitsky fraud money. Despite clear conflicts of interest and access to confidential information, they aggressively defended their Russian clients, even attempting to subpoena Browder for sensitive security details. This demonstrated a willingness to prioritize lucrative fees over ethical obligations.

Propaganda and lobbying. The Russian government employed a sophisticated network of Western individuals and firms to spread disinformation and lobby against the Magnitsky Act. This included:

• Filmmaker Andrei Nekrasov, whose "documentary" mirrored Kremlin talking points.
• Lobbyists like Rinat Akhmetshin and former Congressman Ron Dellums, who worked to derail the Global Magnitsky Act.
• PR operatives like Glenn Simpson (Fusion GPS), who conducted opposition research against Browder.
  These efforts aimed to confuse public opinion and undermine the credibility of the Magnitsky campaign.

The outrage of complicity. Browder expressed profound anger at these Western professionals—lawyers, lobbyists, and journalists—who, despite their privileged backgrounds and access to a society that values ethics, chose to assist a murderous, kleptocratic regime for financial gain. Their actions, he argued, were even more contemptible than those of the Russians, who often operate within a system that offers few alternatives to corruption.

7. The Deadly Price of Exposing Truth

Boris’s murder showed that Putin did not care.

Assassinations and poisonings. The fight for justice came with a terrifying human cost. Boris Nemtsov, a key ally in the Magnitsky campaign, was assassinated near the Kremlin in 2015. Whistleblower Alexander Perepilichnyy died mysteriously in London in 2012, suspected of poisoning. Vladimir Kara-Murza, another prominent activist, survived two poisoning attempts in Russia, saved by a dedicated doctor. Nikolai Gorokhov, Sergei's family lawyer, suffered a suspicious fall from a roof in Moscow.

Intimidation and threats. Those involved in the Magnitsky campaign faced relentless intimidation. Browder himself was the target of multiple Russian Interpol warrants, leading to arrests in Madrid and detention in Geneva. US intelligence warned him of rendition plots. His family was surveilled in Aspen, and his mother's home in New Jersey was targeted by unknown individuals.

The message of impunity. These acts of violence and intimidation sent a chilling message: Putin's regime would go to any lengths to silence its critics and protect its secrets, even on foreign soil. The brazenness of these attacks, often with little consequence from Western governments, underscored the perceived impunity of the Kremlin. Despite the personal danger, those fighting for justice remained resolute, understanding that retreat would only embolden their adversaries.

8. The Power of Persistence Against Overwhelming Odds

For better or worse, I’ve been obsessed with this cause since the moment of Sergei’s death. This obsession has affected every facet of my life, and all of my relationships, even those with my own children.

Unwavering commitment. Browder's "obsession" with justice for Sergei Magnitsky became the central driving force of his life, impacting his family and personal relationships. Despite the constant threats, legal battles, and emotional toll, he refused to give up, driven by a profound sense of moral obligation and the desire to ensure Sergei's sacrifice was not in vain.

Strategic legal battles. Facing a corrupt Russian system, Browder and his legal teams adopted unconventional strategies:

• Using US federal law to pursue asset forfeiture cases against money launderers like Prevezon.
• Employing "legal jiujitsu" to outmaneuver adversaries, such as Michael Kim's strategy against BakerHostetler's subpoena.
• Relentlessly appealing adverse rulings, leading to the eventual removal of Judge Griesa from the Prevezon case.
  These persistent legal efforts, though arduous, slowly chipped away at the Russian defense.

Leveraging information and media. Browder understood the power of public awareness. He consistently engaged with journalists, published his story in books like "Red Notice," and used social media platforms like Twitter to expose Russian corruption and human rights abuses. This constant flow of information kept the Magnitsky case in the public eye, making it harder for governments to ignore and for adversaries to operate in the shadows.

9. The Trump-Putin Nexus: A Shocking Political Gambit

I had no idea what she’d offered in return. But what I could say for certain was that she was part of a sophisticated Russian intelligence operation, and that, with such a big ask, they wouldn’t have sent her to Trump Tower empty-handed.

The Trump Tower meeting. In June 2016, Natalia Veselnitskaya, a Russian lawyer and Kremlin operative, met with Donald Trump, Jr., Jared Kushner, and Paul Manafort at Trump Tower. The meeting's primary agenda was the Magnitsky Act, with Veselnitskaya seeking its repeal in exchange for "dirt" on Hillary Clinton. This revealed the Magnitsky Act's central role in Russia's interference in the US election.

Putin's "incredible offer." At the 2018 Helsinki Summit, Vladimir Putin publicly proposed swapping 12 indicted Russian GRU officers for Bill Browder and other US officials involved in the Magnitsky Act. President Trump's initial response, calling it an "incredible offer," sent shockwaves through Washington and raised fears of a direct handover. This unprecedented proposal highlighted the extreme lengths Putin would go to neutralize the Act.

Unanimous rejection. The idea of handing over American citizens and a British activist to Russia provoked a bipartisan outcry in Washington. The US Senate swiftly passed a resolution, 98-0, unequivocally rejecting Putin's proposal. This decisive action, despite Trump's initial equivocation, demonstrated the strength of American institutions and the broad consensus against capitulating to Russian demands regarding the Magnitsky Act.

10. The Staggering Scale of Russian Corruption

If we could lift the hood on every Western bank, I estimate we’d find that the amount of dirty money that has moved out of Russia since Putin took power to be $1 trillion, and possibly much more.

Danske Bank's dark secret. An audit of Danske Bank's Estonian branch revealed a staggering $234 billion in dirty money laundered from Russia and former Soviet states over a decade. This figure, far exceeding initial estimates, exposed the immense scale of Russian kleptocracy and its reliance on Western financial institutions. The scandal led to the CEO's resignation and a major criminal investigation in Denmark.

A systemic problem. The Danske Bank revelations were not isolated. Subsequent investigations uncovered similar massive money laundering operations through other Scandinavian banks, including SEB ($28 billion) and Swedbank ($42 billion). These cases demonstrated that the flow of illicit Russian funds into the West was a widespread, systemic issue, facilitated by lax oversight and complicit financial institutions.

The trillion-dollar estimate. Browder estimates that over $1 trillion in dirty money has moved out of Russia since Putin came to power. This vast sum explains the extreme measures taken by the Kremlin to protect its financial interests and silence those who expose them. The scale of this corruption underscores the critical importance of the Magnitsky Act in disrupting Putin's financial networks and holding his regime accountable.

11. Sergei's Enduring Legacy: A Global Movement for Justice

At the time of writing, there are Magnitsky Acts in 34 different countries: the United States, Canada, the United Kingdom, Australia, the 27 countries of the European Union, Norway, Montenegro, and Kosovo.

Global adoption of Magnitsky Acts. What began as a personal quest for justice for Sergei Magnitsky evolved into a global human rights movement. As of the book's writing, 34 countries and several British Overseas Territories have enacted Magnitsky-style legislation. This widespread adoption signifies a fundamental shift in international policy, providing a powerful tool to sanction human rights violators and kleptocrats worldwide.

Impact beyond Russia. The Magnitsky Acts have been applied far beyond the original Russian targets. They have been used to sanction individuals involved in:

• The murder of journalist Jamal Khashoggi (Saudi Arabia).
• The Uighur concentration camps (China).
• The Rohingya genocide (Myanmar).
• State capture and corruption (South Africa).
  This expansion demonstrates the universal applicability and growing influence of Sergei's legacy in promoting global accountability.

A deterrent and a monument. The existence of these laws and the sanctioning of over 500 individuals and entities serve as a significant deterrent for would-be murderers and thieves. Sergei Magnitsky's sacrifice, though tragic, was not in vain. His name has become synonymous with global justice, ensuring that his murder was not meaningless and that his legacy continues to save lives and inspire the fight against impunity worldwide.

Last updated: December 11, 2025