(CN) — The European Union’s second-highest court upheld sanctions against a Russian billionaire on Wednesday, citing his stake in a critical and lucrative steel company.
The General Court dismissed an appeal from Roman Abramovich, who is fighting sanctions imposed by Brussels in response to the invasion of Ukraine, finding that contrary to his claims, he has deep financial ties to strategic Russian companies.
“Although the applicant disputes his status as a major shareholder of Evraz … it is established not only that he is one of the largest shareholders of the parent company of Evraz, but also, according to the prospectus of the latter placed in the case file by the applicant, that he is the main shareholder,” the Luxembourg-based court wrote.
According to the decision, the 57-year-old businessman and ex-politician maintains a nearly 30% stake in Evraz, one of Russia’s largest steel companies. The company provides substantial financial support to the Kremlin and has benefited from the conflict in Ukraine.
In September 2022, Brussels added the tycoon to the list of hundreds of Russian officials who are prohibited from entering the European Union and have had their financial assets seized, during some of twelve rounds of sanctions. The latest package was adopted last week and includes a ban on Russian diamonds.
Abramovich was forced to sell the London soccer club Chelsea in 2022 after being sanctioned by the United Kingdom over his ties to Russian President Vladimir Putin. He had owned the team for nearly 20 years.
He is among the dozens of Russians contesting the sanctions at the court. Earlier this year, the court upheld sanctions against fertilizer tycoon Dmitry Mazepin, citing his close relationship with Putin.
The court also upheld sanctions against Yevgeny Prigozhin, the leader of the Russian paramilitary organization Wagner Group who died in a plane crash Aug. 23 after challenging Putin's rule in a brief rebellion. Prigozhin’s mother, on the other hand, did not have a sufficient link to official activities, judges found earlier this year. They ordered Brussels to remove the 83-year-old from the sanctions list.
In a separate case, the court also dismissed a complaint from pilot Ekaterina Islentyeva, a dual national of Russia and Luxembourg, who argued the sanctions prevented her from flying within the EU. Judges found that restrictions banning Russian aircraft from the bloc’s airspace did not apply to Russian pilots.
Both Abramovich and Islentyeva can appeal the decisions to the EU’s highest court.
Follow @mollyquell
Subscribe to Closing Arguments
Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.
Additional Reads
-
-
Francis Ford Coppola debuts ‘Megalopolis’ in Cannes May 16, 2024