Court overturns EU sanctions against two Russian billionaires

10th Apr 2024 10:48

(Sharecast News) - A senior European Union court has lifted sanctions against Russian billionaires Mikhail Fridman and Petr Aven, it was confirmed on Wednesday.

Both men are major shareholders in the Alfa Group conglomerate, which owns Russia's Alfa Bank. Their funds and economic resources were frozen in the aftermath of the invasion of Ukraine, after the EU Council deemed they provided "material or financial support" to Russian decision-makers.

The first sanctions were imposed in February 2022, before being reiterated the following September.

However, Fridman and Aven appealed both decisions, and on Wednesday the General Court ruled in their favour.

Annulling the inclusion of both men on lists of persons subject to restrictive measures, it said: "The General Court considers that none of the reasons set out in the initial acts is sufficiently substantiated and that the inclusion of Mr Aven and Mr Fridman on the lists at issue was therefore not justified.

"As regards to the maintaining acts, the General Court holds that the Council added no additional evidence compared to that on which it relied on the initial acts."

It added that while there may be "a degree of proximity" between the men and Vladimir Putin or his entourage, they "do not demonstrate that they have supported actions or policies that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine".

The EU has so far sanctioned around 1,700 people and 400 entities as part of a significant programme against Moscow.

Neither Fridman, who also holds an Israeli passport, nor Aven, who also holds a Latvian passport, have commented on the ruling. The Council has also yet to comment.

General Court rulings can be appealed.