Abramovich loses sanctions appeal but court does not accept ties to Kremlin
The European Union's top court on Wednesday upheld sanctions against Russian billionaire Roman Abramovich that had been placed upon him after Russia's invasion of Ukraine.
“Although we are disappointed with today’s ruling, we welcome that the court did not take up several arguments presented by the EU Council and did not include them as a basis for maintaining sanctions,” Abramovich said in a statement on Wednesday.
“This includes the proposition that Mr Abramovich has benefitted financially (or in any other way) from the Russian Government – such suggestions are false, and the EU Council failed to present any evidence to this respect,” the statement on his behalf said.
After President Vladimir Putin ordered Russian troops into Ukraine in February 2022, the EU sanctioned Russian officials and a host of Russian businessmen, such as Abramovich, while freezing hundreds of billions of dollars of Russian assets.
Abramovich had launched a legal challenge against this.
"The General Court dismisses the action brought by Mr Abramovich, thereby upholding the restrictive measures taken against him," said the EU's top court in a ruling.
Abramovich, who also holds Israeli citizenship and is a former owner of Chelsea soccer club, became one of the world's most powerful businessmen after the 1991 break-up of the Soviet Union. Forbes estimates his net worth at $9.2 billion.
Abramovich responds
In his statement, Abramovich added that “it is also important to remember that the sanctions imposed on Mr. Abramovich were never justified by a direct connection to the war, and no such arguments were presented by the EU during the court proceedings.
“Abramovich does not have the ability to influence the decision-making of any Government, including Russia, and has in no way benefitted from the war.”
The statement concluded with the claim that “the Court’s decision to maintain the sanctions against Mr. Abramovich was based purely on the Court defining Mr. Abramovich as a ‘Russian businessman,’ which under today’s very broad EU regulations is sufficient to remain sanctioned, even if you are just a passive shareholder in a business sector with no connection to the war.”
Abramovich’s lawyer said he will “evaluate today’s judgment” in full to provide recommendations on possible next steps.
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