According to publication in The Economist, the fund was blacklisted because its management interfered with the flow of money to "corrupt bureaucrats and their businessmen accomplices" in Russia.

[7] In April 2008, because three of Hermitage Capital's subsidiaries had been placed under control of Boily Systems, which is a British Virgin Islands (BVI) company[a] that CTL established in 2007 for G.S.L.

Hermitage became victim of what is known in Russia as "corporate raiding": seizing companies and other assets with the aid of corrupt law enforcement officials and judges.

However, in 2015, Cyprus police passed the documents to Russian investigators in the alleged tax-evasion case of Magnitsky and Browder, widely described as a set-up.

[14] In April 2018, Natalia Veselnitskaya announced that on behalf of the General Prosecutor's Office of the Russian Federation, she was investigating Bill Browder and Hermitage Capital, but denied working for the Kremlin.

[15] In May 2018, Bill Browder praised the Magnitsky amendment to the Proceeds of Crime Act released in the United States calling for "swift and robust action" adding that "top Putin oligarchs should be on that list".

[17] In November 2019, an article published by Der Spiegel detailed a critical account of inconsistencies it claims to have found with Bill Browder's stories.