Judges in Brussels on Wednesday overturned sanctions against two Russian billionaires, potentially giving Moscow a big victory as the war in Ukraine rages.
The General Court of the European Union removed Mikhail Fridman and Petr Aven from the trade bloc’s sanctions list after finding there was insufficient evidence showing they supported Vladimir Putin’s invasion in February 2022.
Fridman and Aven are the largest shareholders in Russian investment firm Alfa Group and are worth $13.4 billion and $6.4 billion, respectively, according to the Bloomberg Billionaires Index.
The EU imposed sanctions on the two men in February 2022, citing Fridman’s proximity to Putin’s “inner circle” and Aven’s role as “one of around 50 wealthy Russian businessmen who regularly meet Vladimir Putin in the Kremlin.
Petr Aven in 2020. Valéry Sharifulin/TASS/Getty Images
In a press release, the court recognized that there was “a certain proximity between Petr Aven and Mikhail Fridman and Vladimir Putin or his entourage”.
However, the EU failed to demonstrate that the two oligarchs “supported actions or policies that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine, or that they provided material or financial support to responsible Russian decision-makers.” for the annexation of Crimea or the destabilization of Ukraine, or that they benefited from these decision-makers.
The ruling could set a precedent for future appeals, potentially undermining EU efforts to sanction wealthy Russians perceived to support the war in Ukraine.
Business Insider was unable to reach lawyers for both billionaires for comment. They said in a statement to Politico that the decisions demonstrated that the EU’s allegations were “completely baseless.”
“Sanctioning them was a counterproductive mistake. They have no place on the EU list or any other list. We hope that today’s strong signal will be heard in the EU and across the world. outside,” added the lawyers.
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