EU court rejects appeals of five Russian oligarchs, upholds asset freezes

The European Union’s top court has upheld the asset freezes imposed on five Russian businessmen, rejecting their appeals against EU sanctions, European Pravda reported after reviewing the ruling.

The individuals concerned are Dmitry Pumpyanskiy, Tigran Khudaverdyan, Viktor Rashnikov, Dmitry Mazepin, and German Khan, all of whom were previously included on the EU’s sanctions list.

Following the launch of Russia’s war against Ukraine in February 2022, the EU Council imposed restrictive measures on business figures operating in key sectors of the economy that generate significant revenue for the Russian state.

Their initial legal challenges were dismissed by the EU General Court in 2023, after which they appealed to the Court of Justice of the European Union. On March 26, the court definitively rejected their appeals.

In its ruling, the court clarified that the decisive factor is not the personal role of the businessmen, but their involvement in economic sectors that provide income to the state. The “influence” of such individuals, it said, is assessed within the broader economic context, regardless of direct ties to the authorities.

The decision emphasised that major business figures playing a significant role in the economy may indirectly contribute to financing Russia’s actions in Ukraine by sustaining the profitability of relevant sectors.

The court also noted that sanctions criteria are considered lawful when they target categories of individuals with an objective link to the country subject to restrictions. In this case, such a link was deemed proven, justifying continued pressure on Russia.