Abramovich, who is known to be a close contact of President Putin, was sanctioned by EU and U.K. authorities in March, causing his assets to be frozen and travel restricted.
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A European Union court on Wednesday upheld sanctions imposed on Russian billionaire Roman Abramovich following a legal challenge.
In its ruling, the General Court of the European Union said Abramovich was the majority shareholder in Evraz, a major steel and mining group that “provides a substantial source of revenue to the Russian Government.”
Abramovich was targeted by the EU as it imposed sweeping sanctions on Russian officials and business people, along with products and commodities, after Moscow’s invasion of Ukraine in March 2022.
The U.K. also imposed sanctions and restrictions on Russian ownership of assets. This led to Abramovich selling top soccer club Chelsea after 19 years of ownership, with the proceeds frozen in a U.K. bank account.
Abramovich had challenged the inclusion and maintenance of his name on a list of persons and entities subject to sanctions due to their engagement in “activities in economic sectors providing a substantial source of revenue to the Russian Government.”
He also sought compensation over harm to his reputation estimated at 1 million euros ($1.095 million).
The court said Wednesday it was correct to include and maintain his name on the list, and that this does not constitute an “unjustified and disproportionate infringement of his fundamental rights.”
It said his status as a Portuguese, and therefore EU national, allowed him to move freely around the bloc.
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