EU Court Upholds Sanctions on Russian Billionaire Roman Abramovich
A European Union court has upheld the sanctions imposed on Russian billionaire Roman Abramovich. The General Court of the European Union ruled that Abramovich, who is the majority shareholder in Evraz, a major steel and mining group, provides a substantial source of revenue to the Russian government. The EU imposed sanctions on Russian officials and business people, including products and commodities, following Moscow’s invasion of Ukraine in March 2022.
Abramovich, known for his close ties to President Putin, was also subject to sanctions and travel restrictions imposed by EU and U.K. authorities in March. As a result, he sold Chelsea Football Club after 19 years of ownership, with the proceeds frozen in a U.K. bank account.
Court’s Ruling and Compensation Claim
Abramovich challenged his inclusion on the list of sanctioned individuals and entities engaged in economic sectors that provide revenue to the Russian government. He also sought compensation for reputational harm estimated at 1 million euros ($1.095 million).
The court dismissed Abramovich’s claims, stating that it was justified to include him on the list and that it did not infringe upon his fundamental rights disproportionately. It further emphasized that his Portuguese nationality allowed him to move freely within the EU.
Hot Take: Upholding Sanctions Reinforces Accountability
The EU court’s decision to uphold sanctions on Roman Abramovich reinforces accountability for individuals and entities involved in activities that provide revenue to the Russian government. By maintaining these sanctions, the EU aims to put pressure on Russia following its invasion of Ukraine and deter similar actions in the future. This ruling demonstrates that even high-profile figures like Abramovich are not exempt from consequences. Upholding such measures sends a strong message about the importance of respecting international norms and upholding global security.
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