BRUSSELS: The European Union (EU) General Court on Wednesday annulled sanctions imposed on two Russian businessmen, Petr Aven and Mikhail Fridman, after ruling that the reasons provided by Brussels were invalid.
The EU has implemented a series of sanctions against Russian individuals and businesses in response to Moscow’s invasion of Ukraine in February 2022. However, the Luxembourg-based EU General Court sided with a challenge brought by Aven and Fridman, who are major shareholders in Russia’s Alfa Bank, stating that the reasons cited by the European Council for targeting them “cannot be taken into account.”
As a result of the court’s decision, it “annuls both the initial acts and the acts maintaining the lists of restrictive measures” against Aven and Fridman, as outlined by the Council between early 2022 and early 2023.
Presently, there are over 1,700 individuals and 400 businesses on the EU’s Russia sanctions list, including Alfa Bank.
Aven, who holds Latvian nationality, and Fridman, who holds Israeli citizenship, were added to the EU sanctions list due to their association with Alfa Bank. They both contested the evidence presented by the European Council, arguing that it was neither reliable nor credible.
The court concurred with their argument, stating that the council’s reasons were not “sufficiently substantiated and… therefore not justified.” It noted that no additional evidence was provided in subsequent council acts to maintain the sanctions on Fridman and Aven.
The court emphasized that the evidence did not demonstrate their support for actions undermining Ukraine’s territorial integrity or benefiting from Moscow’s decision-makers behind the invasion. The ruling can be appealed, limited to points of law, within two months and 10 days.
Lawyers representing Aven and Fridman welcomed the decision as “of the utmost significance.” They asserted that the accusations against the two men were baseless and expressed hope that the EU and others would heed the court’s decision.
