Russian billionaire Roman Abramovich on Wednesday failed to overturn European Union sanctions imposed on him following Vladimir Putin’s invasion of Ukraine, another blow for one of Russia’s richest people after the British government forced him to sell Chelsea Football Club and ended his nearly 20-year run at the team’s helm.
The General Court of the European Union in Luxembourg threw out Abramovich’s legal challenge against EU sanctions imposed on him in the aftermath of Russia’s invasion of Ukraine, according to court documents.
The court, the second highest in the EU, rejected the billionaire’s argument that he had been unfairly targeted by bloc officials and said he “failed to demonstrate” his inclusion on the sanctions list was unlawful.
The court said the EU was right to include Abramovich on its sanctions list as an influential businessman given his position as a major shareholder in steel giant Evraz, one of Russia’s largest taxpayers.
Its ruling upheld the restrictions imposed on Abramovich, which included freezing his assets and banning him from traveling within or through the bloc.
The court also rejected Abramovich’s claims that the sanctions were disproportionate and infringed on his rights, as well as dismissing his claim for compensation for reputational damages as he had not overturned the sanctions.
In a statement issued on Abramovich’s behalf and reported by Reuters, the billionaire said he was disappointed with the ruling and rejected the idea he benefited from the Russian government, adding that he “does not have the ability to influence the decision-making of any government, including Russia, and has in no way benefited from the (Ukraine) war.”
Abramovich can appeal the court’s ruling. It is not yet clear whether he will choose to do so. In the statement issued on his behalf, he said the court had not considered some of the arguments supporting his inclusion on the sanctions list offered by the EU Council. “The court’s decision to maintain the sanctions against Mr Abramovich was based purely on the court defining Mr Abramovich as a ‘Russian businessman’ which under today’s very broad EU regulations is sufficient to remain sanctioned, even if you are just a passive shareholder in a business sector with no connection to the war,” the statement said, according to Reuters.
Abramovich was among many high-profile Russian elites sanctioned by the EU and other Western powers in the wake of Moscow’s invasion of Ukraine. The sanctions, which often included travel bans and asset freezes, are one of many measures deployed by Western governments as they tried to ramp up pressure on key figures in Moscow and tighten the Kremlin’s coffers. At the time, the EU said Abramovich was a leading Russian businessman and “a substantial source of revenue to the Government of the Russian Federation.” It said he benefited from his connections to “Russian decision-makers responsible for the annexation of Crimea or the destabilization of Ukraine,” notably his “long and close ties to Vladimir Putin,” which allowed him “to maintain his considerable wealth.” Abramovich, who has strenuously denied benefiting from Putin’s invasion, was also targeted by the U.K. government, where he was ultimately forced to sell the soccer team—Chelsea Football Club—he had owned for nearly 20 years.
$9 billion. That’s how much Forbes estimates Abramovich and his family are worth. Abramovich’s fortune, which largely stems from his stakes in steel giant Evraz and nickel producer Norilsk Nickel, makes him one of the richest people in Russia.
Inside The Last Days Of Abramovich’s Reign At Chelsea FC (Forbes)
