The European Union Court of Justice has ruled to remove Russian billionaires ccc from a list of individuals facing European Union sanctions after Russia attacked Ukraine in 2022.
“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,” the Luxembourg-based court said in a statement on Wednesday.
Following the Russian invasion, the European Council imposed restrictions on both men, freezing their funds and economic resources. Both are major shareholders of the conglomerate Alfa Group, which includes Russia’s top private bank, Alfa Bank, and its biggest food retailer, X5 Retail Group.
The court ruled that the billionaires should not have been included on the list between February 2022 and March 2023.
In March 2023, an EU decision reimposed the restrictive measures on the two men, who have lodged a separate appeal against that action.
The court said the Council may have grounds to establish that Fridman and Aven have close ties to Russian President Vladimir Putin, but it does not demonstrate the men have supported actions or policies against Ukraine or that they have supported Russian decision-makers financially.
Following the Russian invasion, the European Council imposed restrictions on both men, freezing their funds and economic resources. Both are major shareholders of the conglomerate Alfa Group, which includes Russia’s top private bank, Alfa Bank, and its biggest food retailer, X5 Retail Group.
The court ruled that the billionaires should not have been included on the list between February 2022 and March 2023.
In March 2023, an EU decision reimposed the restrictive measures on the two men, who have lodged a separate appeal against that action.
The court said the Council may have grounds to establish that Fridman and Aven have close ties to Russian President Vladimir Putin, but it does not demonstrate the men have supported actions or policies against Ukraine or that they have supported Russian decision-makers financially.
Source: Reuters
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