ECJ Annuls Sanctions on Russian Billionaires Amid Ongoing EU Measures
In a significant development, Russian billionaires Mikhail Fridman and his business partner Petr Aven have secured a legal triumph over the European Union’s sanctions. The European Union Court of Justice (ECJ), the highest court within the bloc, has annulled the sanctions that were imposed on the duo during the period of 2022-23. The court’s decision came after it found that the EU had not provided adequate evidence to demonstrate that Fridman and Aven had lent support to the Kremlin’s military actions or policies against Ukraine.
The ECJ’s ruling stated, “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.” Despite this victory, the pair remains under sanctions as the punitive measures against them were extended in March 2023 and again in the following month, under what are considered separate decisions by the EU.
A court spokesman clarified that the sanctions appealed by Fridman and Aven had already expired, but their current status under EU sanctions remains unchanged due to these subsequent extensions. The appeals against the 2023 sanctions are still in their preliminary stages, with an expectation that their consideration will take several months.
Fridman expressed his contentment with the outcome to RBC media, stating he and Aven were “satisfied” with the court’s decision. On the other hand, Kremlin spokesperson Dmitry Peskov reiterated Russia’s stance on such sanctions being illegal and destructive, while also acknowledging that businessmen have the right to contest them.
EU sanctions typically involve travel bans and asset freezes, alongside broader financial, energy, and defense trade restrictions. Despite this setback for the EU, most sanctions remain firmly in place. Notably, this is not an isolated instance of sanctions being voided; last month, the ECJ overturned sanctions against former F1 driver Nikita Mazepin. Additionally, in March, the EU opted not to renew sanctions against three individuals, including Yandex co-founder Arkady Volozh, who has openly criticized Russia’s military actions in Ukraine.
The ECJ spokesperson mentioned that there are numerous appeals against sanctions pending before the court. In February, two such appeals were dismissed, including one from Russian-Uzbek billionaire Alisher Usmanov.
