The European Union Court of Justice made a ruling to remove Russian billionaires Mikhail Fridman and Petr Aven from the list of individuals facing EU sanctions after Russia’s invasion of Ukraine in 2022. The court stated that the reasons for including Fridman and Aven on the list were not sufficiently justified and their inclusion was therefore not justified. Both men, who are major shareholders of conglomerate Alfa Group, had their funds and economic resources frozen following the European Council’s imposition of restrictions.
The court’s ruling specified that Fridman and Aven should not have been included on the list between February 2022 and March 2023. However, in March 2023, the EU decided to reimpose the restrictive measures on the two billionaires. In response to this decision, Fridman and Aven have filed a separate appeal against that action. The court acknowledged that the Council may have grounds to establish the close ties these men have with Russian President Vladimir Putin, but it was not shown that they have supported actions or policies against Ukraine or financially supported Russian decision makers.
Mikhail Fridman and Petr Aven, as major shareholders of Alfa Group, which includes Alfa Bank and X5 Retail Group, had their funds and economic resources frozen after the EU imposed restrictions in response to Russia’s invasion of Ukraine. The court ruled that their inclusion on the sanctions list was not justified and cited insufficient substantiation of the reasons for their initial placement. The ruling specified the time period during which Fridman and Aven should not have been included on the list.
The European Court of Justice’s decision to remove Fridman and Aven from the EU sanctions list came after it was determined that the initial reasons for their inclusion were not sufficiently substantiated. The court stated that while the Council may have grounds to establish the close ties these men have with Russian President Putin, there was no evidence that they supported actions or policies against Ukraine or financially supported Russian decision makers. Despite the ruling in their favor, the two billionaires faced a reimposition of restrictive measures in March 2023, prompting them to lodge a separate appeal against that action.
Mikhail Fridman and Petr Aven, who are major shareholders of Alfa Group and were included in the EU sanctions list following Russia’s invasion of Ukraine in 2022, have been removed from the list by the European Court of Justice. The court ruled that the reasons for their inclusion were not sufficiently substantiated and therefore not justified. While acknowledging the close ties these men have with Russian President Putin, the court found no evidence that they supported actions or policies against Ukraine or provided financial support to Russian decision makers.
Despite the ruling in their favor, Fridman and Aven faced a reimposition of restrictive measures in March 2023, prompting them to lodge a separate appeal against that action. The court’s decision highlighted the lack of justification for including the two billionaires on the sanctions list and underscored the importance of ensuring that such measures are based on solid evidence. Fridman and Aven, as major shareholders of Alfa Group, had their funds and economic resources frozen following the EU’s imposition of restrictions, but the court’s ruling has now cleared them of these sanctions.
