Billionaire businessman Roman Abramovich has lost a lawsuit challenging the lifting of sanctions imposed on him by the European Union over his alleged ties to Russian President Putin following Moscow’s invasion of Ukraine.
The EU “did not make a mistake” when it included Abramovich on its sanctions list and kept him there, a Brussels court has ruled. They rejected his claim that the sanctions constituted an “unjustifiable and disproportionate violation of his fundamental rights.” He also rejected the entrepreneur’s claim for damages in the amount of 1 million euros.
The court decision dealt with his stake in the Russian metallurgical company Evraz, in which the businessman owns almost 29 percent, and the fact that steel is an important source of income for the Russian government.
Abramovich, the former owner of Chelsea football club, was among a number of Russian officials and businessmen sanctioned by the 27-nation bloc following Putin’s 2021 invasion of Ukraine. As part of the sanctions, billions of dollars worth of financial assets were frozen in bank accounts.
Mr Abramovich, who has also suffered an assets freeze and travel ban from Britain, was targeted because of his close ties to Russian President Vladimir Putin. He is one of Russia’s richest men after sharing with his trading partners $13 billion (£10.2 billion) from the 2005 sale of oil company Sibneft to state-owned Gazprom.
The oligarch, who was also governor of Chukotka in northeast Russia from 2001 to 2008, denies any close ties to Putin and says he severed most ties with the Kremlin when he arrived in London in 2003. The sanctions were imposed only because he is a famous Russian.
His lawyers said he was disappointed he lost his legal battle against the sanctions. “While we are disappointed by today’s decision, we are pleased that the court did not accept some of the EU Council’s arguments and did not use them as the basis for maintaining sanctions,” Abramovich said in a statement issued on his behalf.
“Mr Abramovich has no ability to influence the decisions of any government, including Russia, and has received no benefit from the war.”
“The court’s decision to uphold sanctions against Mr Abramovich was based solely on the fact that the court identified Mr Abramovich as a ‘Russian businessman’, which is sufficient under current, very broad EU rules to remain subject to sanctions even if you just a passive shareholder” in the company. A sector that has nothing to do with the war.”
The statement does not specify whether the oligarch will appeal this decision.
The businessman put Chelsea up for sale shortly before the British government imposed sanctions on him in March 2022. Later that month, he attended failed peace talks between Russia and Ukraine in Turkey.
The proceeds from the sale are currently frozen in a UK bank account.
Source: I News
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